Behaviour->Pages Make report flat times out


We have a problem where trying to make the Behaviour->Pages report flat for the full year 2020 times out. We are running 3.14.1 on CentOS/nginx and this site has about 74 million page views for the year. PHP max execution time is set to 3600 seconds which isn’t enough for this. Is it possible to pre-process this somehow or should I just increase the max execution time?

I have searched a bit for this and ended up with some old issues on github from the 2.x days which interpreted as it was fixed back then. Most forum threads about this seems to be from about that time as well.