Yes, the PageSetup properties are very slow when you set them.
You have already set
Application.ScreenUpdating = False, which is good, but an equally (or more) important step in this case is to set
Application.Calculation = xlCalculationManual. (It is best if you save these settings and then restore them to the original at the end.)
Additionally, the property get for each PageSetup property is very fast, while it is only the property set that is so slow. Therefore, you should test the new property setting to make sure it isn't already the same as the existing property value in order to prevent an unnecessary (and expensive) call.
With all this in mind, you should be able to use code that looks something like the following:
Dim origScreenUpdating As Boolean
origScreenUpdating = Application.ScreenUpdating
Application.ScreenUpdating = False
Dim origCalcMode As xlCalculation
origCalcMode = Application.Calculation
Application.Calculation = xlCalculationManual
If .PrintHeadings <> False Then .PrintHeadings = False
If .PrintGridlines <> False Then .PrintGridlines = False
If .PrintComments <> xlPrintNoComments Then .PrintComments = xlPrintNoComments
Application.ScreenUpdating = origScreenUpdating
Application.Calculation = origCalcMode
Edit: A couple of updates:
For Excel 2010 and above you can make use of the 'Application.PrintCommunication' property, while for Excel 2007 and below, you can make use of 'ExecuteExcel4Macro'. For more details, see Migrating Excel 4 Macros to VBA.
For Excel 2007 and below, another interesting trick is to temporarily assign the printer driver to the 'Microsoft XPS Document Writer' and then set it back. Printing speed can improve by 3x. See: Slow Excel PageSetup Methods.
Hope this helps...