Performance degradation after updating from CefSharp 92 to CefSharp 94+

Question

Upgrade from 92.0.260 to 94.4.110 (I've also tried as recent as 99 with similar behavior) WinForms x86

Our CefSharp based application is significantly more laggy after this update. This is most evident with hover and click events reacting slowly, and sluggishness when rendering CefSharp popup window instances. The issue is present with all Cef Settings being exactly the same.

These are the Cef initialization settings in use:

settings.CefCommandLineArgs.Add("--disable-features", "FormControlsRefresh,IntensiveWakeUpThrottling");
settings.CefCommandLineArgs.Add("no-proxy-server", "1");
settings.CefCommandLineArgs.Add("v8-cache-options", "code");
settings.CefCommandLineArgs.Add("disable-touch-adjustment", "1");
settings.CefCommandLineArgs.Add("plugin-policy", "block");
settings.CefCommandLineArgs.Add("disable-backgrounding-occluded-windows");
settings.CefCommandLineArgs.Remove("disable-site-isolation-trials");

settings.MultiThreadedMessageLoop = true;
settings.ExternalMessagePump = false;
settings.JavascriptFlags = "--expose-gc --allow-natives-syntax";

And based on an environment variable:

settings.CefCommandLineArgs.Add("disable-gpu", "1");
settings.CefCommandLineArgs.Add("disable-gpu-vsync", "1");
settings.CefCommandLineArgs.Add("disable-gpu-compositing", "1");

What are some possible causes for this sluggishness?

Default CefSharp 94.4.110 Features Enabled