There is a difference. Time consuming is not as negative as time sucking. However we don't use "time sucking". We say "sucking the life out of me" or "draining me".
Time consuming means it takes a lot of time to accomplish/to do something.
Example: This is a very intricate and time consuming job/activity/hobby etc.
This job is sucking the life out of me. OR This job is draining me slowly. These two sentences are way more negative than time consuming. You can do a time consuming activity that you still enjoy beacuse of the results you will get.