FPS drops when using WASD to move around

Hello
I’m running Unreal Engine 5 on my new macbook pro with the M1 pro chip. The software works beautifully except when I use the WASD keys to move around when I’m right clicking to look around. My frame rate drops from consistent 60s to almost zero and then instantly jumps back to 60s again within a second. Lowering the engine scalability doesn’t help the drops at all.

This is in a totally empty project but I have similar issues with projects with materials or meshes in them. Please help, makes the program very challenging to use.

Thank you