Yes. In the same way the dielectric insulation in a coax affects the propagation velocity of EM energy passing though it. I think the main problem people are having with the electrical energy in space vs electrical energy in the wire is the failure is see the wires proper place in the system of energy transport in a circuit. Current carrying wires over-heat when electrical energy enters the wire (Poynting vector) due to the conversion of EM energy in the space surround the wire into the kinetic energy of moving particles with mass (current) inside the wire. This particle KE reduces the electrical energy of the circuit and is usually expressed as wire resistance power losses in circuit theory. So, when we use larger wires sizes to reduce wire resistance we are also decreasing the particle KE in the wire and increasing the ratio of electrical energy surrounding the wires moving to loads.So if the whole apparatus was dipped in a medium where light slows down, would it then take a longer time for the bulb to light up?
Electric currents have most of the energy associated with them in the magnetic fields surrounding them. There is a very small amount of kinetic energy in a current with good conductors, it is very small with good conductors because the electron’s mass is small and the average velocity of the charges is small too. We use poor conductors when we want to increase the amount of kinetic energy in the current to cause heating when electrons see a resistive force.
EXAMPLE 3. CALCULATING DRIFT VELOCITY IN A COMMON WIRE
When we do a kinetic energy calculation using the number of electrons, electron mass and the drift velocity in a good conductor it's obvious the energy in the wire is tiny.
https://www.omnicalculator.com/physics/kinetic-energy