Degraded PC performance after Season 5 patch

I just updated to Season 5 and I am experiencing degraded performance on my PC - I was able to get stable 60 FPS on Ultra settings before without DLSS enabled and a lot more with DLSS, but now I can't get stable 60 even with DLSS set to Performance and game settings lowered to Medium.

The game now runs at around 40 FPS with my usual settings with is quite unplayable, with a lot of stutter and an inconsistent frame rate.

The game worked like a charm before, I played it a few days ago without any issues. I checked other demanding games from my library and they all work great.

I tried verifying game files (Steam) and reinstalling Easy Anti-Cheat.

My Windows 11 and GPU drivers are up to date.

Here are my remaining specs:

ASUS TUF GAMING B550M-PLUS (WI-FI)
AMD Ryzen 5 5600X AM4 Processor + Thermalright BA120 Cooler
32GB (4x8GB) Corsair DDR4 Vengeance Pro RGB @ 3600 MHz
Palit GeForce RTX™ 3080 GameRock O/C 10GB

WD Black 500GB SN750 NVMe SSD + WD Blue 500GB SN570 NVMe SSD

Any help would be appreciated. Happy to provide more details and try any suggested troubleshooting.