Performance Regression in Editor when upgrading to Unreal 5.0 Release on Mac OS M1


I have a project that i created using Unreal Engine 5.0 Early Access, it was running consistently at 60 fps. The update to 5.0 Release caused the fps to drop by 50%.

I tried running the latest Lyra Project and even that is showing performance regression.

Is anyone else seeing this on MacOS M1 ?

My tech specs are:

Model Identifier: MacBookPro18,1
Chip: Apple M1 Pro
Total Number of Cores: 10 (8 performance and 2 efficiency)
Memory: 16 GB

Chipset Model: Apple M1 Pro
Type: GPU
Bus: Built-In
Total Number of Cores: 16
Vendor: Apple (0x106b)
Metal Family: Supported, Metal GPUFamily Apple 7
Color LCD:
Display Type: Built-in Liquid Retina XDR Display
Resolution: 3456 x 2234 Retina
Main Display: Yes
Mirror: Off
Online: Yes
Automatically Adjust Brightness: Yes
Connection Type: Internal