I don't think this should be resolved to MC-91621 unless the description for that bug is changed to include non-hostile mobs, or at least squids.
I created a video illustrating the problem and uploaded it to YouTube (no sound, but watch for the delay on the bow):
https://www.youtube.com/watch?v=N2PkGz5mGLk
I used the doMobSpawning game rule to confirm that the spawning indeed causes the issue. Disabling spawning stops the lag.
I am still getting this exact behavior in Minecraft 1.8.9. I can't build a tower over the ocean taller than level 189, due to the lag created by this bug. The lag does indeed accumulate. The longer you stay too high, the longer you have to spend back at the surface waiting for everything to catch up. While it catches up, you can see squid appearing and disappearing all over the ocean. Note that you can also see the "All" number in the debug screen go crazy when you cross into level 189.
Nicholas, I agree, it's clear they are likely related, it's just that the description of MC-91621 doesn't include/match the behavior seen here in MC-43980: hostile mobs around height 125 vs. squids (passive) around height 180-200. Also MC-91621 doesn't mention anything about the server lag it creates, so I figured a description change was in order if they were to be combined.
Maybe I should bring all this up on the other bug? Sorry, new to this.