Adding an APPEND
hint may enable a direct path insert, which can avoid generating extra REDO data used for recovery:
INSERT /*+ append */ INTO T1
SELECT * FROM T2;
Adding parallelism can further improve performance:
ALTER SESSION ENABLE PARALLEL DML;
INSERT /*+ parallel append */ INTO T1
SELECT * FROM T2;
Those two features could shrink the run time from minutes to seconds but there are a lot of caveats you need to understand. Direct-path writes lock the table, and are not recoverable; if the data is important you may not want to wait for the next full backup. Parallel queries work harder, not smarter, and may steal resources from more important jobs. Finding the optimal degree of parallelism is tricky, and direct-path inserts have many limitations, like triggers and some kinds of referential integrity constraints.
With the right hardware, system configuration, and code, you can realistically improve performance by 100x. But if you're new to these features, prepare to spend hours learning about them.