The new update is unplayable

The new update for Ps4 is broken. I converted my world and started it up. The world freezes constantly. I open a chest/ menu/ anything, the world lags for 2 minutes. It's just unplayable. I tried uninstalling the game and reinstalling it in hope I could get the older version back. But I can't even reinstall it like I used to. I would have to repurchase the game. Hope it gets fixed