Severe performance problems after upgrading to 4.23

I upgraded my project from 4.22 to 4.23 since I want to eventually use 4.25 features and am now running into severe performance problems, both in editor and in the packaged game.
Firstly, Asset Discovery when opening the project now takes over 2 minutes (was ~30 seconds) (Logs for opening the editor). Also, I only get around 40 fps in the Viewport no matter the graphics settings, when I previously consistently got 120 fps on Cinematic. Playing in editor gets me ~22 fps, no matter the graphics settings.
In packaged games (both Development and Shipping versions), the game freezes on the very first frame for around 2 minutes as well. In game, I get ~40 fps, no matter if I’m playing at 900p Scalability 0 or 4K Scalability 5. Interestingly, the game also always freezes for 2 minutes or more when I leave the game.

Does 4.23 automatically enable some functionalities that take this long, or might this be a common issue when upgrading projects?
I’ve checked the 4.23 release notes and there don’t seem to be any changes that could cause such a huge hit to performance.
When I upgraded the same project from 4.20 to 4.22 a long time ago, I had no performance problems either.