Yes, there is problem solving speed involved in the answer. The solution relies on the assumption that you know how fast the other two would have solved the problem if you were wearing a black hat - and then failing to solve it by then would be enough to deduce that you've got a white hat.
I think the problem is a bit flawed because there's no reliable information about that.
On the other hand the fairness alone of the task is enough to deduce that everyone would need to wear a white hat. See if there were two black hat the one with a white hat would have a definitive advantage - so by fairness that's out of the question, and with that out of the question also one black hat would give the ones with white hat an advantage - so by fairness that's also out of the question. This solution is not about timing - you should be able to tell blindfolded by this argument.