Following the latest beta version release raytracing performance has been significantly reduced.
Under the same circumstances on the previous beta release (1.18.0.22 Beta), framerates were double or better.
RTX 3060 Laptop GPU
16 chunks
Upscaling enabled
12 simulation chunks
Previous: 30-40 fps average
Current: 10-15 fps average
Loading the same world and a new world were both tested.
Unable to provide additional details as I'm unable to rollback to the previous version for testing.
This issue can be closed, turns out the issue was caused by a Windows 10 issue - waking from hybrid shutdown not properly initializing the GPU.
GPU functionality was deteriorated (eventually evident in other applications) and the issue resolved after performing a hard shutdown and restart.