Controlling the magnetization dynamics at the fastest speed is a major issue of fundamental condensed matter physics and its applications for data storage and processing technologies. It requires a deep understanding of the interactions between the degrees of freedom in solids, such as spin, electron, and lattice as well as their responses to external stimuli. In this paper, we systematically investigate the fluence dependence of ultrafast magnetization dynamics induced by below-bandgap ultrashort laser pulses in the ferrimagnetic insulators ${\mathrm{Bi}}_{x}{\mathrm{Y}}_{3\ensuremath{-}x}{\mathrm{Fe}}_{5}{\mathrm{O}}_{12}$ with $1\ensuremath{\le}{x}_{\mathrm{Bi}}\ensuremath{\le}3$. We demonstrate subpicosecond demagnetization dynamics in this material followed by a very slow remagnetization process. We prove that this demagnetization results from an ultrafast heating of iron garnets by two-photon absorption (TPA), suggesting a phonon-magnon thermalization time of $\ensuremath{\le}0.6$ ps. We explain the slow remagnetization timescale by the low phonon heat conductivity in garnets. Additionally, we show that the amplitudes of the demagnetization, optical change, and lattice strain can be manipulated by changing the ellipticity of the pump pulses. We explain this phenomenon considering the TPA circular dichroism. These findings open exciting prospects for ultrafast manipulation of spin, charge, and lattice dynamics in magnetic insulators by ultrafast nonlinear optics.