No it usually appears to be part of a physical description-example "with a beautiful face and long, y legs that I can't wait to". At first I thought it was an acronym for young but it doesn't fit in many examples.
This seems to be the result of a robot removing the character sequence "s e x" wherever found in ads. Girls often describe themselves as "s e x y" and get left with just "y". You may notice some other beheaded word remains too; "a s s" gets removed, and probably some others.
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