Frame drops when replaying multiple pawns (1000~) in replay system

When I move more than 1000 pawns and replay them in the replay system, I seem to experience frame drops. (While the apparent FPS doesn’t change much, the behavior looks like it’s missing frames)

Is there a limit to the amount of data that can be acquired by the replay system, or is there some kind of process that drops frames when the load is too high?

I’ve tried setting demo.CheckpointSaveMaxMSPerFrame to less than 1, etc., but it doesn’t work when there are many players.
I’m using CrowdManager to move the pawns around, and I’d like to eventually see the results of running more than 10000 pawns in the replay system.

If anyone knows anything about this, please let me know.