It seems that after going through some flying fortresses in the Fjords, the game has now begun to slow down to the point where after about 10-15 minutes of play, there is some noticable frame-rate loss. After about an hour or two, the game slowly devolves into an unplayable slideshow.
Reloading a saved game (i.e. quicksave then quickload) resets the issue. However, the memory leak cycle begins again.
Strangely, this problem never occurred for the first ~20 hours of the game, and it only started happening after getting further in the Fjords.
Has anyone else noticed the issue? If you die somewhat frequently, you may not be aware of the issue, as the memory leak is reset every time you load a game.

You do not have to exit and restart the game.