Taking dogs for short/medium/long walk, or jogging, all take a long time.

If you leave them to their own it does take all day. What I do when I send my sim out for a walk, I will decide how far they will go, or how long I want them to spend their walk. Then I will cut their walk short, and then have them walk back to their home. Usually, I have my sim spend either an hour or half an hour depending on their schedule. When they get to the point of turning back I always have my sim direct the dog to take a potty break for the dog.