And yes, you are absolutely correct. Minutes do seem like hours...
Years ago my 2 year old daughter drowned in our apartment pool. I rounded a corner and saw her floating silently on a pool so still it looked like glass. I dove in, got her out, and miraculously was able to revive her. She's had no after effects. From the time I spotted her until I revived her the seconds seemed like days. Life really did seem to shift to extremely slow motion.
You did right to panic. Good job.