Extreme lag issues, frequent freezing of game, all within lastest update

Ever since the 1.16.200 update, Minecraft Bedrock has had serious lag issues I've noticed ever since updating. Randomly the game will drop from 60fps to a total game freeze from upwards of 10-30 seconds from what I've observed. After the game freezes it usually runs around an estimated 1-2fps for around another 30 seconds to 1 minute. Then after that it runs back to normal, before again later it does the same thing.

It gets really disruptive in the middle of games on servers and normal survival.