This is a very unusual "exploit", however --- according to https://en.wikipedia.org/wiki/VCard it's not even a valid .vcf file but looks to be just an RTF with copious amounts of text (appears to be bytes from PNG images concatenated together, although I haven't actually tried to read them as such.)
I think there's some sort of hidden quadratic (or higher) algorithm that's causing this, along the lines of https://www.joelonsoftware.com/2001/12/11/back-to-basics/ . As a datapoint, this 7-year-old machine rendered that file as RTF (in WordPad) in less than a second. An iPhone doesn't have quite as powerful a CPU, but still shouldn't be struggling to do it.