No, this isn't previewing the data, this is just clicking the name in the contents tab. As in I want to right-click and select properties, which freezes ArcCatalog for 2 minutes before it shows the right-click menu.
I have software info in the initial post, I don't have hardware or network info and will have to ask. I can tell you that the DB servers are virtualized with 16gb of memory, and I have had the DBA restart the server to "free up memory" which didn't help in the slightest.
There is only 1 user during the day intermittently. I'll point out again that this has been a constant degradation over time. Things that used to be instantaneous on the dataset now take up to 4 minutes to do.
I guess I'll contact support today.
Thanks everyone.