FPS drops on iOS every few seconds. UE 4.27

Similarly it happens to me with development built on iPad since early this year with UE 5.1. Before, it ran smoothly but since then I am seeing a stuttering every 5 seconds. I tried the above mentioned solutions but that did not help. Tested with basic starter content only - still stuttering. I am wondering if UE5.1 is not keeping up with the IOS 16.2 update?
Also, when I set “Metal Shaders Standard To Target” to IOS 16 and “Minimum IOS Version” to 16, deployment on iPad fails.