I don't think you will save any build time by wrapping an existing .jar file into a .aar file and using that instead of the original .jar file.
As this SO post notes, .aar files are basically just zip files which may contain a jar file and some android resources.
Also, because .aar files are not precompiled into Dalvik byte code, the build process for your apk file must still carry out that step at least once. So, you won't save dexing time just by wrapping the .jar file into a .aar file either.
If you build a typical Android Studio project (with some Android library dependencies specified in the gradle build file) you can see the directory underneath app/build/intermediates/exploded-aar where these files have been unzipped. That work must still be done by your build machine even though you are using a .aar file.
Finally, as you pointed out, the .apk packaging work must still be done at the end of the build.