A client of mine had reported this earlier and I thought it couldn't be possible, but just tested it across machines and it is easily replicable. Working with high resolution images in Camera Raw, the adjusment brush lags several seconds behind when using external mice, switching to the trackpad on the same operation (without closing the file or removing the mouse) works smoothly. I'm guessing it has to do with the polling rate and spacing that is normally adjustable in Photoshop.
Macbook Pro 14" M1 Max (10 core)
16 GB Ram
Camera Raw 14.2