The Ubuntuusers.de Wiki has an article about programs for CD ripping and an extra section with instructions on how to reduce the amount of time it takes to rip a CD. The article says that all the listed programs are based on cdparanoia, which – like EAC on Windows – prefers to retrieve accurate data from optical media over achieving short extraction times and fast speeds. This is actually a good thing: you want to rip your CDs as accurately as possible to your computer, save them in a lossless format and would never want to do it again if you still have music on CDs these days.
One example to increase speed in the article is to install sound-juicer and to disable paranoia mode. The instructions are for gconf though, the correct command for the newer dconf should be:
dconf write /org/gnome/sound-juicer/paranoia "['disable']"
to reset just run:
dconf reset /org/gnome/sound-juicer/paranoia
The article also notes that there should be an option to enable or disable to use error correction for extracting audio CDs in the KDE control center, where enabling error correction will disable paranoia mode and speed up extraction.
cdparanoia itself can be used from the terminal and lists options like
--disable-extra-paranoia on its manpage which might also be handy if you can figure out a way to pass these options through the GUI application you are using, but as I said, ideally you want to have accurate results.