Recently when I'm playing Minecraft, my game starts using almost 1 GB of Memory on Featured Servers. Its understandable for that but it uses more that 800 MB for a world with a memory of 43 MB. I have a RAM of 8 GB so it affects my game tremendously.
Using 800 MB RAM on an 8 GB device is not going to affect your FPS.
Your screenshot shows that your CPU is maxed out by programs other than Minecraft. That is likely the reason the game is slowing down.