Performance in 1.18.0.22 terrible, despite high framerate

When Creating a World in the 1.18.0.22 Beta, I am greeted with a weird type of Lag I have never seen before. My framerate is high, but my mouse input is lagging, my keyboard is lagging. What is going on?

 

I have a Intel i9 11900KF, A TUF-3070 TI, and 32 GB of RAM.

 

See Video: https://www.youtube.com/watch?v=179Kd718E0c