The longitudinal relaxation time (T1) of noble gas nuclear spins is a critical parameter for evaluating the performance of an atomic comagnetometer, significantly influencing the signal-to-noise ratio of the system. Traditional measurement techniques, such as the free induction decay method combined with the spin growth technique (FIDSG), are time-consuming for gases with extended T1 durations, such as 21Ne, and are prone to substantial environmental variability. Here, we propose the transverse low-frequency square-wave magnetic field modulation (LSMM) method for the rapid measurement of T1. The experiment indicates that the LSMM significantly condenses the measurement time to 19.2% of the original, thereby diminishing the robustness demands of the system. Although a minor discrepancy of up to 3 min (or 1.3%) exists between LSMM and FIDSG results, the LSMM method provides strong support for calibrating the performance of comagnetometer cells and conducting various nuclear spin polarization experiments, thereby improving efficiency and reducing energy loss.