You can check it with time...
Code:
$ time locate png
/usr/X11R6/LessTif/doc/images/vh32.png
/usr/X11R6/LessTif/doc/images/lesstif-small.png
/usr/X11R6/LessTif/doc/images/lesstif.png
/usr/X11R6/LessTif/doc/images/lesstif-realsmall.png
/usr/X11R6/LessTif/doc/images/vh40.png
<< snip output >>
real 0m13.012s
user 0m0.562s
sys 0m1.674s
$ time locate png | head -n 1
/usr/X11R6/LessTif/doc/images/vh32.png
real 0m0.253s
user 0m0.013s
sys 0m0.030s
It takes my computer just over 15 seconds to display 23363 PNG files. Then, just over a quarter-second to display the first.