It's very possible, but instead of debugging you spend more time thinking so you're making fewer iterations.

That said, I really enjoy Common Lisp for being compiled (good performance versus interpreted) and the speed of compiling (compiling single functions at a time) so you get the same time-to-execution as your interpreted languages. Better, actually, if you change the function definition in place when you hit a condition.

EDIT: I hit submit before finishing my thoughts.

C++ isn't that bad. 5+ minute compile times can be tightened down if you have a good structure for your codebase. And if it remains at 5+ minutes, that's what unit testing is for (shouldn't need the whole build to execute) along with a build pipeline. Submit the change and get results after a few minutes. Distcc and other systems can also aid for the really large projects. Another factor to consider, to test that interpreted (presumably dynamically typed) program you have to have more tests than the C++ program needs. Static typing (even though I have issues with C++'s type system, it's still ok) covers a lot of the areas that you have to manually create tests for in dynamically typed languages