5 preview 1, Updating instances to HISM and ISM causes giant performance spike

I am using UHierarchicalInstancedStaticMeshComponent with a very simple nanite enabled cube. Any time I AddInstance, RemoveInstance, UpdateInstanceTransform, etc I see a massive performance spike. It gets significantly worse depending on the number of instances currently in the HISM. Example with 50k instances if I try to add another instance it will spike sometimes as bad as 2secs+

I did an insights capture and it looks like the issue is related to updating distance fields? Is this a bug or?