Huge FPS loss when toxic rain goes out

Ever since 3.21.2 the game drops down to sub 60fps and very high CPU spikes when my toxic rain goes out. I am doing maps that aren't even that saturated with mobs, and when using the Night Lotus Toxic Rain Effect it gets even worse and drops from 100+ to 10-15fps depending on the mob density and this is without delirium or blight.

I have updated drivers, fully re-installed the game, ran a repair on the install. Not sure what else to try.

Specs:

i7-8700k
32g RAM
rtx2070

Issue persists on Directx12 and Vulkan. I couldnt use Directx11 prior to 3.21.2 due to shader issues.

Screenshot of game while this is happening (with Night Lotus Effect on):
https://imgur.com/a/AD923o5