[0.4.01] Severe framerate drop when shadows are enabled

[salinedream]

New issue after this update, enabling shadows causes severe frame drops in any sufficiently shaded areas. See video here.
Save file here: Stable-Save.zip

With shadows disabled the frame rate stabilizes between 90-110fps depending on area. Any shadow quality setting between Low-High causes the frame rate to drop to ~22fps, which can be seen in the video. Apartment C1 in Deekula C is a good test case for this but other areas suffer the same issue. I toyed with the other settings as well and saw no significant changes in frame rate.

Specs below:
Microsoft Windows 10 Pro v10.0.19045
NVIDIA GeForce RTX 3070 Ti
AMD Ryzen 5 3600X
32GB DDR4 RAM

I'm curious to see if this is a hardware issue. Can anyone else replicate?