Create a QueryDef and give it the same subfields and where clause as your QueryFilter.
// Use IFeatureClass.Update to populate IFeatureCursor. IFeatureCursor updateCursor = featureClass.Update(queryFilter, false);
// Use IFeatureClass.Update to populate IFeatureCursor. IFeatureCursor updateCursor = featureClass.Update(null, false);
Change queryFilter to null. You don't even need to create a queryfilter. Having a null queryfilter would normally return all rows, but since you're defining a QueryDef, it will be limited to your where clause.
I have no idea if this is even faster than a normal query filter, it's ust a suggestion.
And remember, ArcMap is not using .NET to do field calculations.