Constant, random freezes since 22.1 was installed

Efficiency at 100%, no indicators of lag anywhere, but then I try to do something simple (like expand a group folder or edit a type layer) and suddenly Photoshop pinwheels for 30+ seconds.

If I completely quit out Photoshop and start it back up I can get a few minutes of productive work in, but then the pinwheels recur, and if I try to proceed with constant pinwheels eventually I encounter one that will last over 5 minutes. I've waited it out once or twice just to save, but more often I just force quit.

Is this happening to anyone else? I've run through every fix I can find, including completely uninstalling Photoshop, deleting all my old settings, and starting over with a fresh install. This only started happening after I updated to 22.1, and it's making it borderline impossible to use Photoshop.

Running MacOS Big Sur 11.1 on a iMac (Retina 5K, 27-inch, 2017). 64GB RAM, 8GB GPU, 2 scratch disks set... my computer meets or exceeds every PS system requirement, Photoshop shouldn't be lacking for any resources.