A: The distances are biased such that you spend the most time on running/biking.  Here are splits of a winner of a spring distance triathlon:

0.25  Mi Swim — 11  Mi Bike — 3.2  Mile Run
6:40                 — 29:20          — 17:56

The swim is just over 10% of the total race time.  If you’re specialized and good at swimming, you’ll not be able to press that advantage against someone specialized on the bike for example.