This is more visible after #77038 is merged.
Problem: when Roslyn.VisualStudio.Setup is built, it's calling into targets in SemanticSearch.ReferenceAssemblies.csproj to rebuild the reference assemblies. This seems to rebuild every single time, even if the inputs or outputs are up to date. This means repeatedly pressing F6 in Visual Studio will never each a steady state, since each time Roslyn.VisualStudio.Setup builds, it'll rebuild the reference assemblies.
Running a few local builds I see this for the GenerateFilteredReferenceAssemblies task:
Input file "F:\Projects\Roslyn\artifacts\bin\Microsoft.CodeAnalysis.CSharp\Debug\net8.0\Microsoft.CodeAnalysis.CSharp.dll" is newer than output file "F:\Projects\Roslyn\src\Tools\SemanticSearch\ReferenceAssemblies\Apis\Microsoft.CodeAnalysis.CSharp.txt".
It seems odd to me that we have an output file pointing to our repo, but this will never get up to date properly.