It's a trade off. Immutability is a big enough win to pay the price of a few extra CPU cycles. In practice it's very quick anyway. Computers are very good at adding numbers together (it's almost like it's what they were made for!). I keep all my accounts for over 12 years in one file and I still don't notice any delay when calculating balances etc.
If it does become a problem then one solution is to take sums at some point in time and start the ledger again paying each account from a contra account containing the previous balance.