Edit: it gets even weirder, if you consider the Moon's distance from Earth goes from 363,300Km at perigee to 405,500Km at apogee... just how long should the line be? If it's 327,300Km, we might only be able to operate it near perigee, sure if it's a bit longer it'd be more usable, but it cannot extend past 363,300Km - or it would touch down here :) - that means there's no way we might use it near apogee, since it would always be too far away.
No, it would not have to reach orbit, it would have to reach the altitude but not the horizontal speed. Huge difference.
A 747 cruises at 893 km/h.
Concorde cruised at 2140 km/h.
The ISS orbital speed is 27580 km/h — or 36 megameters in 1 hour 18 minutes.
Space elevators are particularly strange to think about because they combine the weirdness of orbital mechanics with some, but not all, of the intuitions we have about terrestrial behavior -- and then add in the complications of being a megastructure on top of it, which humans have basically zero experience building. They defy easy reasoning.
The cars are limited by human reaction time, the aircraft are limited by air resistance, the ISS is a space station and all the constituent parts had to be brought up to that speed in the first place from the ground by rockets.
The main advantage of the category that space elevators are a part of is that energy and reaction mass doesn’t need to be carried with you as when you use a rocket, which makes them much easier.
Several of these winners achieved less than 5mph and this is near earth so without the issues of supplying power over thousands of miles.