I once read a great novel called John Dies in the End, written by David Wong. It's a great read by the way.

In it, the protagonist believes that our perception of time, that is, how we experience the linear passing of time, is determined by how many actions we are capable of doing in in a set period of time. For instance, as humans, 1 minute feels so short because you can barely do anything in that time period. But to a computer that can do billions of calculations in just a second, a minute will feel like an eternity to a sentient computer.

As the perception of time having any relation to growth rate, i dunno lol. But i notice that small, fast moving creatures such as rodents and insects have very short lifespans, while large, slow moving creatures like turtles can live over a hundred years.