Tag dependence approach
I updated your code to remove the first click-handler and the each-loops.
However I'm not quite sure if this is necessarily faster then your solution.

My suggestion relies on callbacks, css-selectors and conditions:

$(".tags_cloud div").click(function() {

  var $this = $(this),
    $tags = $(".tags_cloud div:not(#all-tags)"),
    $all = $(".tags_cloud div#all-tags");

  var all = $(this).is('#all-tags') ? true : false;
  if (all) {
    $this.toggleClass(function() {
      if (!$(this).hasClass('is_active')) {
        $tags.addClass('is_active');
      } else {
        $tags.removeClass('is_active');
      }
      return "is_active";
    });
  } else {
    $this.toggleClass('is_active');
    ($tags.not('.is_active').length === 0) ? $all.addClass('is_active') : $all.removeClass('is_active');
  }
});


Demo