Performance issue going from UE 4.18.3 to UE 4.24.1 (DeferredShadingSceneRenderer ViewExtensionPreRenderView)

Development Platform & Builds XR Development
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Having an issue in performance when switching from UE 4.18.3 to UE 4.24.1 in a VR project.

The same scene runs at steady 90fps in UE 4.18.3 but on UE 4.24.1 the framerate drops to 45fps. Opened the project in UE 4.24.1 and opted in for copy and work on duplicate which now has this performance issue.
Using

  • Vive Pro
  • Windows 10 Pro
  • SteamVR 1.9.16

Used profile and the culprit is

RenderThread > 
    FViewExtensionPreDeawCommand >
        DeferredShadingSceneRenderer ViewExtensionPreRenderView

Already tried building light again but no luck in getting the performance back up.
Any help is welcome in trying to get the performance back up.

Thanks in advance.