This is also happening to us. The system status page says "Xcode Cloud - Resolved Outage": if it's the same issue, doesn't seem to be resolved.
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thanks @Developer Tools Engineer for the support, I can confirm that our builds are back to normal
this was a pretty severe disruption for us, as we had to disable the CI checks on our PRs, due to excessive build duration, and excessive usage of Xcode Cloud time
we must be able to rely on Xcode Cloud as a stable tool in our workflows, but we understand that some issue can always happen: what we would have expected though is better communication (in fact, any communication at all)
in case things like these happen again in the future, I'd suggest to at least send an email to subscribers to communicate that you're experiencing issues with the system, so you're aware of it and you're working on a fix, and maybe have some suggestion for a temporary mitigation
as an act of good will, it would be nice if you could give a few hours back to subscribers, to compensate for the wasted time
thanks