On PS4 after updating to 1.17 blocks load slowly

After updating to 1.17 when I start a new world, the game performs normal for a minute. Then the world freezes but the player can still move and break blocks. A few minutes later the world unfreezes and tries to catch up with the actions of the player. This cycle repeats.  If I try to open any menus it takes a long time.  If I quit the world the slowdown persists for a few minutes in the main menu as well as in the PlayStation menu.

I am using the disc based version of Minecraft. I have tried deleting the game files, rebuilding my PS4 database and logging out of my Microsoft account to fix this issue.