Copy and Paste Text causing 2 second delay/freeze on Illustrator 29.0 and 28.7.2

I've noticed a weird issue in the past week that is killing my productivity - I didn't think too much of it until today when I really needed to get a project going.

When I copy any amount of text or any layer/group of layers that has a text layer in it - pasting it causes this 2 second delay before I can continue moving or editing the pasted layer. It only happens with text, not with images or shapes. It happens on new documents or large existing documents. Any size or amount of text will produce this delay.

It only happens on Illustrator 29.0 and 28.7.2 - it works fine on 28.7.1 and prior as my snippets show (one snippet showing it working on 28.7 and one showing the issue on 29.0).

I have the working and non-working illustrator open at the same time on seperate monitors with the exact same Illustrator settings. I have changed GPU performance, clipboard settings, scratch disks, and all the common troubleshooting fixes that could be causing the delay. The fact that it works again on <28.7.1 with the exact same computer tells me it's likely a version bug for my particular setup.

Really stumped on this one. I'll stay on 28.7.1 for now until a fix is found or a newer update simply doesn't replicate the issue. Windows 11.