I've never fiddled with what you speak of, but if you're "creating" the graph from Access through Excel... meaning, if you the code to make the graph is done through Access's VBA, then you shouldn't have to wait.
However if you're just sending the data to Excel and manually making the graph or if you're using Excel's VBA to make the graph, then yes you would have to wait.
So I guess the question comes down to: how are you making the graph?
Here is some basic logic you could use in access:
1. Open Excel
2. Transfer Data
3. Create Graph
4. Save Excel
5. Get graph from Excel
6. Close Excel
7. Continue with Program
OS- Home: XPP Work: W2K/XPP
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