No, in current versions of MATLAB there is no way to measure the time that it takes to render the figure. drawnow() and pause() ensure that the rendering subsystem have accepted the commands before they continue, but the rendering engine runs in a different thread and "accepting" the commands does not tell you anything about when the rendering is finished. The rendering might go through OpenGL layers and might get partly handled by a GPU and other items outside the control of MATLAB, so even knowing when the rendering layer had submitted commands to another hardware level would not tell you how long the figure took to render.
The closest you can get in all of this is to use the third party Psychtoolbox, which keeps track at a frame level -- but is fairly restricted as to what can be drawn.
