The issue is still occurring in the latest 26.13 version of Minecraft. Loading into a normal world and then as soon as chunks begin to load, the screen appears jagged and FPS drops down to 50 below from a normally stable 165fps. Stability resumes if you stand still and allow chunks to load in fully. This should not be the intended experience!
I can also confirm that I am having the same issues on Bedrock Edition PC. Running a Windows 11 5090 build and definitely not getting the same fluid FPS that I got before the 1.21.120 update.
Before the update, I was able to get a stable 165fps (capped at my monitor refresh rate) in all circumstances including chunk loading at the recommended render distance on fancy graphics at 50 chunks. I have turned off V-Sync in the game directory files as well as turned off improved input response and I still have not had any improvements from the 30-45fps stuttering when chunks are rendered and being loaded.
It looks like this issue is being tracked under multiple bug reports (MCPE-232560, MCPE-230304 and MCPE-230304) so in order for the Mojang team to investigate, it may be useful to collate them all under one? I will defer that up to you though 🙂
I hope it can get fixed because it honestly has put me off from playing the game at all since that update launched, getting jagged drops and cutting out is really affecting playability for me!
I also wanted to add that the issue is separate from the memory leak issue - there is no excessive RAM usage in the scenarios I’ve tested. What happens is that the GPU usage skyrockets to 100% which then causes the game to lag and FPS to have low spikes. The high GPU usage is perplexing, given that Minecraft is not a GPU intensive game and this is running on a completely vanilla Minecraft experience with no Vibrant Visuals turned on. Minecraft Java Edition by comparison uses only 5-15% of my GPU and the FPS there is virtually the same for the whole playthrough.