Bad performance with Ray Tracing and new world generation

In the recent 1.18 betas, after a short period of flying around performance starts to dip significantly, with chunk culling starting to break and framerates going extremely low compared to the averages found in 1.17.40 with experimental generation. My average frames per second in 1.17.40 while experimental generation is on at the exact same settings is normally 60-70 frames per second, while the latest 1.18 betas have brought that far down to around 20-30 frames per second.

Steps to Reproduce:

1. Create and enter any infinite world with Ray Tracing on (preferably in creative)

2. Fly around for a short period of time and observe

Observed Results:

Performance with Ray Tracing on starts to drop significantly, and chunks start to cull incorrectly. This results in holes throughout the world and an overall terrible experience playing the game.

Expected Results:

Performance with Ray Tracing on at the exact same settings as used in the previous versions of the game should be retained, and chunk culling and loading should work properly.

Here is a short video I have captured of this occurring:

https://youtu.be/laKKArahXfI

Here is some information on the game's environment:

Game Settings:

Upscaling: On

Ray Tracing Render Distance: 24 Chunks

PBR Resource Pack: https://www.mediafire.com/file/ngisqn3mkjn4c44/Defined_PBR_v1.1.5.mcpack/file

Device Information:

Running in a 1920x1008 window (windowed mode on a 1080p monitor)

CPU: Ryzen 5 2600

GPU: GeForce RTX 2060

RAM: Dual Channel - 16GB@3000MHz

Storage: 128GB NVME SSD

Graphics Driver Version: GeForce Game Ready Driver Version 496.13

OS: Windows 10 Pro Build 19043

If it may be related, Hardware Accelerated GPU Scheduling is on as well.