After I updated my game to the new update I loaded onto my survival world and experienced extreme lag where the game is unplayable and delayed inputs. This was not an issue when I played on 1.21.114 a few hours before I updated the game. When I looked up the issue it seems like other players who play on windows are having similar experiences.
Do you have the Improved Input Response option enabled in Settings > Video? If so, does the issue still occur if you disable it and restart the game?
Note that the option cannot be adjusted if Vibrant Visuals is enabled, so make sure to disable that first if it's enabled.