Demo recording ("demorec") vastly decreases FPS in version 4.22

There seems to be an issue when using the demo recording feature (demorec) in 4.22. While recording a demo, the FPS is greatly affected - much much more than in previous versions of the engine.

To replicate:
Create 3rd person project in previous engine version (I used 4.20), run the project and use “demorec” console command - notice the FPS while recording.
Do the same as above using 4.22
Result: FPS is drastically reduced.