Subject: bug#36681: Feature Request: Option to build Emacs without byte-compilation.

From: Glenn Morris <[email-masked]>
Date: Mon, 15 Jul 2019 19:33:24 -0400

make -C src emacs

is basically what you ask for (may not work in older versions).

But the better answer is to use multiple cores, since the build is very
parallelizable. A -j8 build from nothing takes < 4 minutes for me.