My opinions are:
Since LocksandWaits collector will capture more info than Hotspots and Concurrency, it may take more time during finalizing stage if you use 120 seconds. There are two workarounds to reduce finalizing time:
1) You may run application shortly, select small data set, or
2) You may use VTune Pause/Resume API to profile application in critical code area, http://software.intel.com/en-us/articles/use-new-pause-and-resume-api-from-intel-vtune-amplifier-201...
3) You change (enlarge) sample interval to reduce sample count then save finalizing time,by right-clicking on LocksandWaits analysis type (on GUI) to do "Copy from current" to create your new analysis type, change settings.
Hope it helps.