Is a big menu good for seo?

I have a menu with 2 sublevels. Do you think that is good for SEO?

Menu Item 1
Menu subitem1 level 1
Menu subitem level 2

I have like 50 or 60 elements in that menu.

Is a mega menu good for SEO? My main competition has about the same menu elements but with mega menu, and they are ranking for everything.

What do you think?

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