Do racks actually make it quicker/easier with packing and setting up?
Yes, and no. Most racks, and depending on what you choose to use, obviously have some unorthodox-length tubes/bars/rails. I have yet to see a road case for rack components. If I'm playing locally, I usually leave my rack together and bring it in one piece in the back of the truck (just folded t it's two connector joints).
If on the road, it must be broken down.
If raining, it must be broken down.
If you don't have a truck or trailer, it must be broken down.
You'll thank whatever company provides the best memory lock system, because setting any kit back up quickly hinges directly on how fast you can get all of your pieces back... which is one of the reasons we get pushed towards a rack system to begin with...and with a rack that can happen very quickly. I keep the tom holders on (even broken down) but they are on memory locks too, so if you do choose to pull them, they find their way back to spot perfectly. Same goes with rack mounted cymbal booms, on memory locks. Easy up, easy down.
The biggest benefit for me was the reduced foot print of the kit in it's entirety. Less feet on the ground, less things to remember, very compartmentalized.
Upsides:
Footprint "can" be smaller. Ease of memory locking. Tear-down/setup ease.
Downsides:
Not very travel friendly (especially without a truck or trailer). Plus, you definitely have to worry about each venue you haven't been to. Will your rack fit the drum rise/stage. Once your on a rack, unless you have another smaller club kit or some "other" option, you're stuck on it. You might consider saving some stands, just in case.
I'm building my own road case which will hold my drums, pedals, and cymbals. My consideration is to incorporate a strap-based wall mounting system to secure the bars to when we set up our trailer. It'll be the only way unless, like I said before, you happen to find a case for the rack parts.
An older setup of my kit, but the point is the same - notice there is only a few legs on the ground vs. what cymbal stands would have to be there instead. I enjoy having the rack. Definitely better than moving many stands and trying to set them up and tear them down all the time.
So, good luck.