Hi Saranshshetty93,
No there isn't. If you are stepping through your process in process studio, you could step into the object before pressing run. If you step over the action that calls the object, then yes it will run at near full speed.
Why would you want to slow the speed of the automation? If it is because it doesn't work at full speed, then you would need to consider re-designing your object to cater for system latency etc. If you just want to slow it down for presentation purposes, then I would step into the object from the process studio and play from there.
- Tom