I used a small mod to draw the fps on screen without f3 and noted that with no text on screen (besides the text I added) I got over 1000fps but when even 1 line of chat being rendered, it dropped significantly. And this is even when using performance improvement mods.
When joining a multiplayer server that has lots of players, signs, holograms and a full tab list, I can expect < 30 fps on versions 1.17 and above. Its pretty rough.
Perhaps this issue could be renamed to cover the broader issue of text rendering performance issues.
I have also noticed these severe performance drops with text rendering. Id suggest using an external frame counter since the f3 menu is a wall of text itself and the fps counter within it will not reflect your actual fps when the menu isn't active.
Also worthy of note: If you have a resource pack that increases the resolution of fonts it will significantly reduce performance as well. If you are having performance issues with text and have a high res font, consider lowering the resolution or using vanilla font. Even with that said, text rendering is still significantly slower than it was prior to 1.17