In the US, before tariffs, the price was US$250, installed and guaranteed for 90 days for the SAME Issue.
3 hours to actually make the repair is likely accurate. But that does not mean you get your Mac back in your hands after 3 hours -- it needs to be tested as well, and there may be jobs ahead of yours.
Once parts are available at the store, the typical elapsed time is likely to be 3 days from drop-off to pick up.
if the unit is sent to a repair depot, AND parts are available at the depot, count on 10 days from drop-off to pick up.
if you decide to call the store and ask, be sure you are asking the right questions, i.e.,
"Are the parts available NOW at the store?
How long before I get it back in my hands, if all goes well."