The default PLY importer in Blender is quite slow when it comes to importing large mesh files. Blender 3.6 introduced a new C++-based PLY importer, which is marked "experimental", see below for ...

Object scanned via Intel RealSense technology and converted to PLY file (via MeshLab – free) Blender (free) Step 1 of 4: Using the Intel® RealSense SDK to Scan.

I have just enabled this addon for Blender 2.82, when I open a .ply file from the PCV menu I get error: too many values to unpack (expected 3) No vertices loaded from file at ...