Illustrator clicks delay 4-5 seconds on Sequoia plus M4 Macbook

Switched to an 2024 M4 Max Macbook Pro running Sequoia 15.1.1 (24B2091).

Installed Illustrator v29.1.

Every click within illustrator is delayed by a 4-5 seconds.  Double clicks cause a loading spinner.

I tried downgrading to 28.0, but the problem still exists.

It's effectively useless.