[Performance] Fresco on iPad - Colour Wheel Selection Lag on Fresco

There seem to be a few posts around drawing lag over the years, but I have a slightly more annoying problem in that every time I touch the colour wheel button with my Apple Pencil (to either change colour, adjust sliders etc) there is a good 3 to 4 second delay until it appears. I tried undocking it, and whilst I can immediately select a new colour etc. there is then the same lag when I apply the Apple Pencil to the screen (usually follow by a load of random pixel dumps).

As someone who uses the live paints and likes to work quite quickly this can be incredibly frustrating. Is this a known issue?

For information, I'm using a 5th generation 12.9 inch iPad Pro with the M1 chip with plenty of spare capacity   and the 2nd generation Apple Pencil.

[Renamed by Mod]