I think overall the concept of Model referencing might be of value to you (https://www.mathworks.com/help/simulink/model-reference.html). I say this because, when you reference a model you can set not to recompile this model as long as nothing inside it has changed. Then you would use that setting to not include any of your varying parameters and you do not have to recompile. The catch though would be if you are changing something at the core of your algorithm, then you might be forced to recompile every time.
Just my 2c, Madhu
