You get a completely different answer if you ask for square roots of n-bit floating point numbers for LARGE n, say n ≥ 1000 or n ≥ 1,000,000.
For large n, we usually define the time it takes to multiply two n-bit numbers as M(n). That time depends on how clever our algorithm is; what we learned in school has M(n) = O (n^2), the Karatsuba algorithm has M(n) ≈ O (n^1.58), and FFT-based algorithms run in O (n log n). Division with n bit precision can be done in not much more time, about 2 M(n).
We can use the Newton-Raphson method, iterating $x_{k+1}$ = $x_k - ({x_k}^2 - a) / 2x_k$. However, we make one critical change: If we want a result with say 1,000,000 bits precision, we don't do the whole calculation with that precision. We calculate one approximation with just enough precision so that the final iteration step will give the required precision. For example, we might calculate the second-to-last value with 500,005 or 500,010 bits of precision and then do the last iteration with full precision. But calculating ${x_k}^2$, we know that the first 500,000 bits of the result should be identical with a, so we can save a lot of time not calculating those 500,000 bits when we already know what they are. And we don't need to calculate $({x_k}^2 - a) / 2x_k$ with 1,000,000 bit precision because the result is only a tiny correction to $x_k$ so just about 500,000 bits precision are enough. (Obviously you need to analyse error bounds very carefully).
When you calculate the second-to-last approximation, you also don't need 500,010 bits of precision throughout the whole calculation; it is enough to calculate the third-to-last approximation with say 250,015 bit precision and so on. So the total time is O(M(n)) + O(M(n/2)) + O(M(n/4)) + .... The cost of the last step dominates the rest as long as M(n) ≥ O(n), so a square root with n bit precision can be calculated in time c * M(n) for c probably around 6 to 10.
If you do many such calculations, it would be worthwhile checking whether calculating an approximation to $a^{-1/2}$ would give faster results.