As you keep using using windows, the items shown in new submenu keeps on increasing with time, due to the newly installed programs on your computer, you may want to just disable and remove some the non used items from the list, removing some items from the list will allows you to make it small look easy to read and show up quickly due to less items.
Here is a free tool which lets you remove and add entries in right click new submenu
ShellMenuNew is a small utility that displays the list of all menu items in the ‘New’ submenu of Windows Explorer. It allows you to easily disable unwanted menu items, so this ‘New’ submenu will display only the items that you need.
It will show you he list of all items in right click new submenu, you can easily remove any entry just by right clicking and then select to disable that item or simply press F7 to disable and F8 to enable it again in right click menu. [ as shown in the image below ]