I recently having performance issues using PS 22.3 on my iMac (2017 27 inch with 32 GB memory) in particular quick selection tool and Select and Mask is much slower now then say just 3 weeks ago. The response is or lag in using the mouse is very slow.
I was happily using photoshop until I updated to the latest 2021 version. So what happened was, the selection tool and patch became extremely slow, so much lag that it wouldnt have any precision whatsoever. After doing a long research, none of the answers solved my problem. So I started trying myself a few options. I realised that things were related to the graphics processor.
After trying several different options, I finally found a "ok" solution for my macbook pro. Under "preferences" go to "performance". Keep "Use graphics processor" on and click on "advanced settings..", I literally just tried every possible way and found out that changing Drawing mode to "basic" and keep on "Use OpenCL" and "Anti-alias guides and paths" boxes ticked, solved my problem of the lag on selection tool.
To be honest, theres still a little lag, but nothing like it was before, now its almost real time selection mostly.
I hope you'll find a solution too just by trying out a few different settings under "Advanced Graphics processor settings".