My 25 month old's bedtime routine takes 10-20 minutes. Of course we don't do a bath. She usually has a bath every day too, because she likes to rub dirt on herself and food in her hair. We do our bath earlier, though, so I feel like she can take her time playing in the tub.
Bedtime routine consists of going to the potty, putting on diaper and jammies, brushing teeth, read a story (or three), sing a song while I rock her in my arms, lay her down, give her her lovey, say a prayer, blow a kiss, lights out.
It's short, sweet, and to the point.
Our bathtime routine usually takes 30 minutes or longer. I let her play for quite a while. Then when it's time to soap up I have her hair and body washed and rinsed in about one or two minutes. She hates that part, so I really speed through it. By then the water has rinsed off most of the grodiness anyway, so it's not too hard to get the rest. Then it takes me about five minutes to get her dressed and brush her hair afterwards. Again, I'm quick because she is usually anxious to get up and play.
Your routine does sound long, but if you're enjoying your one-on-one time, then just focus on that.