Delay in renaming Layers in CC 2021

Since updating to CC 2021, there's now a long delay when I try to rename any layer.

Normally I would double-click a Layer name and be able to rename it instantly. Now, there's a delay of at least 5-10 seconds, requiring multiple double-clicks to activate the renaming input field.

I've tried uninstalling and reinstalling CC 2021 and tried renaming a layer in a fresh, blank file and the delay is still present.

This is on a Mac running Big Sur.