This is way too much data to plot on single figure realistically, of course it's going to take time.
But, the use of a loop and plot is the slowest way possible -- you're computing/drawing every single line individually instead of using the power of MATLAB in being vectorized...
Here on a not terribly upscale system,
Elapsed time is 0.001305 seconds.
Elapsed time is 15.350194 seconds.
although it took the renderer quite some additional time to actually draw and display the figure -- and at least as long to delete 60K graphics handles.
Since there are only some 1-2K pixels on a monitor anyway, 60K points is some 60X the possible density to be able to display; I would strongly suggest decimating the y array by at least a factor of 10 and likely you'll be unable to see any difference in the result at factors approaching 100X.