Since the Nether update was released, I get severe lag randomly during game play. This was not an issue before the update and I don't believe it to be on my end. You can get a few minutes to even up to half an hour of smooth play but every now and then the game almost "freezes" for 5 to 15 seconds. This was catastrophic for my progress and inventory as this happened as soon as I turned a corner with a creeper behind it. There was nothing I could do, when the lag stops, any hostile mobs that were close to you are now on top of you... almost as if the game continues as normal even though you are stuck in a frozen lag hell and can't move or defend yourself.
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Having this same issue on Nintendo Switch in the Nether. The lag is so severe it is almost frozen at times. It is never consistent, but always inconvenient.

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Have the same issue on both PC and PlayStation since the update, more severe on PC. Happens also while trying to open inventory and chests, sometimes with breaking blocks they will disappear without an animation, after a few seconds reappear and break again this time with animation and finally dropping items.