TM-15457 - Vegitation performance regression

I’ve created a scene in TM 2023 with around 13,000 placed trees (using the object replacer). The scene used to take about 10-15 minutes to load in TM 2023, and worked fine thereafter. I even had it working very well on the Cloud service.
Since TM 2024, the same scene takes in excess of 3 hours to load!! When it does load the performance is generally good and renders well.
Win 11
RAM - 128GB
CPU - i9-13900KF
GPU - nVidia GeForce RTX 4090
All solid state M.2 drives.
All models created in 3ds Max and exported using latest datasmith plugin. I have tried rebuilding the scene from scratch in TM 2024, but it yealded no improvement on file load times.
The only thing that helped the load times is to use imported tree assets instead of TM library assets.
The cloud version that previously worked very well, no longer works due to being automatically upgraded to TM 2024 I assume.
I have also tested TM 2024.1.1 and there is no improvement.