The apk is about 14MB, including armeabi, amreabi-v7a, x86. Link
setting is: 'Sdk and User Assemblies'
Nothing seems amiss with that apk size.
A "Hello World" Xamarin.Android app supporting just one ARCH type that is linking SDK and User assemblies would be around 4MB (for ARCH type armeabi-v7a).
Each additional included ARCH type is going to add another set of libmonodroid.so and libmonosgen-2.0.so... Remember Mono running on Android is an NDK application and thus must include native code for each ARCH type. The APK size is NOT the size of the actual installed application on the physical device as the Android OS will strip the actual needed native libraries from the APK during the install.
So in your case of including three arch types, you are looking at 9+MB just for the Mono/MonoDroid runtime:
./armeabi:
144912 libmonodroid.so
2835260 libmonosgen-2.0.so
./armeabi-v7a:
144916 libmonodroid.so
2790212 libmonosgen-2.0.so
./x86:
128436 libmonodroid.so
3449836 libmonosgen-2.0.so
Understanding the Constituent Pieces of APKs in Xamarin.Android
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