Average Time to Load 1.2 million records from Oracle INTO SQL SERVER 2008R2
Time taken would depend on


Row length
Network Bandwidth
Available resources on the source DB server
And finally on data volume, as in number of rows 


To put things in perspective - I recently did a similar migration. A table with 40 columns ( a mix on nvarchar and numeric) and 3 million rows of data took 35 minutes, where as another table with 7.5 million rows of data ( again a mix of nvarchar and numeric), but with 104 columns took more than 7 hours. 

Conversely, a third table with 18 million rows of data, 6 columns, all numeric took 14 minutes. It is impossible to answer this question with Yes or No, with the information provided.

Raj