Poe2 stuttering and failing to render terrain on xbox series X

After playing poe2 for about 15 minutes after a fresh reboot of the console, the game will start to freeze for ~0.25 seconds for every 2 seconds of movement. After a while, terrain graphics will stop loading and smooth, single color patches start to appear.

The game does not crash completely but continues to stutter indefinitely.

Quitting the game and restarting does not fix the problem. A full console reboot helps, but thr problem quickly returns.

Same issues. Never had rendering problems prior to the release of the new patch.