I have the same (or at least very similar) problem. Even on a blank project, I’m experiencing regular stuttering (“chugginess”) around 2-3 times per second, which only goes away when switching “Global Illumination” to low/medium.
Even if I force a LOW fixed framerate, the lag still occurs every X frames.
What’s interesting is, this is not absolute. Sometimes Global Illumination will be on highest settings and the game is smooth. Then suddenly randomly out of nowhere it starts chugging again until I set it back to low.
Here’s a video clip which clearly shows the problem: https://youtu.be/u2Mr2mkvUcI
I don’t recall/can’t seem to reproduce the problem in UE5.3.2, it only appears to be in 5.4.x (I’m on 5.4.4)
so it seems to me like this is still an issue that shouldn’t be marked as SOLVED?