I don't think the cloth room have received any changes from 2014, at least not from what i have seen in any feature presentations. Unfortunately i don't think there are any "normal" software on the market, that will simulate cloth fast. How long time it takes to simulate depends on a lot of things, quality and complexity of the cloth seems to be the main things. But also what motion you are simulating plays a huge part. But I wouldn't expect shorter simulation times in P11 compared to P2014 at least, so if thats your main or only reason for considering to upgrade, I wouldn't do it.

Regarding chains and such ain't the bullet system more for that? haven't really used it my self.