So, the two approaches that you tested, which are completely different, take 2 minutes to process 1000 tables. This suggests that time is consumed by the actual act of deleting tables, and not by the method of indicating what needs to be deleted. In other words, there probably isn’t a smart way to do this faster if you cannot migrate to the new database and abandon it.
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5 000 000 500 1 . , , , - :)