Every few seconds my FPS will drop from 120+ to as low as 30s. It doesn't matter if I am in a city with a lot of people or solo in the world or solo in a trust. Other games, including MMOs, with max graphics setting and resolutions do not have the same problem.

Things I have tried:
Turning off all background applications
Lowest graphic settings and resolution
Fullscreen, Borderless Window and Windowed modes
Disabling/Uninstalling any overlays
Running in Administrator Mode
Disabling Fullscreen Optimization
Disabling V-sync
Checking my GPU load and fan speeds, all stable and consistent
Uninstalling, reinstalling and updating drivers
Uninstalling and reinstalling the game
Checking Internet Speed/Connectivity

My internet connection is stable at ~600mbps
Pinging 204.2.229.11 with 32 bytes of data:
Reply from 204.2.229.11: bytes=32 time=77ms TTL=44
Reply from 204.2.229.11: bytes=32 time=78ms TTL=44
Reply from 204.2.229.11: bytes=32 time=77ms TTL=44
Reply from 204.2.229.11: bytes=32 time=78ms TTL=44

Ping statistics for 204.2.229.11:
Packets: Sent = 4, Received = 4, Lost = 0 (0% loss),
Approximate round trip times in milli-seconds:
Minimum = 77ms, Maximum = 78ms, Average = 77ms

Operating System: Windows 11 Home 64-bit (10.0, Build 22621) (22621.ni_release.220506-1250)
Language: English (Regional Setting: English)
System Manufacturer: ASUSTeK COMPUTER INC.
System Model: ROG Zephyrus G14 GA401QM_GA401QM
BIOS: GA401QM.412 (type: UEFI)
Processor: AMD Ryzen 9 5900HS with Radeon Graphics (16 CPUs), ~3.3GHz
Memory: 16384MB RAM
Available OS Memory: 15776MB RAM
Page File: 7213MB used, 17777MB available
Windows Dir: C:\WINDOWS
DirectX Version: DirectX 12
DX Setup Parameters: Not found
User DPI Setting: 144 DPI (150 percent)
System DPI Setting: 96 DPI (100 percent)
DWM DPI Scaling: Disabled
Miracast: Available, with HDCP
Microsoft Graphics Hybrid: Supported
DirectX Database Version: 1.4.5
DxDiag Version: 10.00.22621.0001 64bit Unicode

Thank you.