Frame drops despite specs being more than capable of 120FPS

Product: Apex Legends
Platform:Xbox Series X
Please specify your platform model. Microsoft Xbox Series X
What is your gamertag/PSN ID/EA Account name? Serpent6877
Please provide your squad mates' gamertag/PSN ID/EA Account name if possible.
Are you using any software with an overlay? No
Which Legend were you playing (if applicable)? Mirage
Which Legends were your squad mates using (if applicable)?
Where did the issue occur? In a match
Which part of the map or menu were you in? If you don't remember the exact name, please describe the area or what you were trying to do in the menu. Any
What were you doing when the issue occurred? E.g. respawning a squad mate at a beacon, using an ability, a squad mate left the game. Starting match, in match, no specific time noticed.
Did your squad mates also experience the issue? I don't know
How many matches had you played in a row before the issue occurred? 4-5
When did this happen? (dd.mm.yy hh:mm) 01.11.25
How often does the bug occur? Rarely (0% - 9%)
How severe is your issue? Major impacts to gameplay
What happens when the bug occurs? FPS drops to 10. Stays like that for several minutes. Then can return to normal and occur again. Very random. This bug is being reported on Reddis as well by others after the latest patch.
What should be happening instead? 120fps
Steps: How can we find the bug ourselves? No way I can see to force the bug. Happens randomly. This is on a new Xbos Series X.

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Bug happens randomly and causes the game to drop to 10fps. Xbox menu, etc is fine. Can even stay at 10fps after exiting the game and returning to Apex lobby. Have to restart game to fix it.