Not necessary, rays/s by itself doesn't mean much. It's useful when you want to compare how exactly the same scene renders on different computers, but if you want to use it as scene performance metric on your pc, then it's not so much useful. You can easily inflate this number several times and the scene will actually be rendering slower - just add few materials with Corona AO to significant portion of your scene objects, crank its quality to the max and watch what will happen :] 1,2 M ray/s might be on the lower side, but it's nothing out of ordinary, especially for quite old CPU like yours. I'm not saying that your scene can't be optimized to render faster, but ray/s is not the best metric to look at in this case. Rays/sample is more useful in trying to determine if a scene has an issues and in your case this number is very good.
You're rendering to a set number of passes - your scene is barely reached half way, but it's already at 5% noise level. Consider rendering to the noise target and use denoiser to clean residual noise.