Something that has seemed to work for me - I disabled the tutorial tooltips from the options menu and now I’m noticing very minimal lag when switching characters. Still lags when performing summons but it’s MUCH better. Worth trying for anyone experiencing performance issues.
Good to know, I'll try it today, thanks! Another thing that worked in PS5 is completely disconnecting the console from the internet and restart it. The switch-character freeze was decreased from 4-5 seconds to 2.
The funny thing is that terrible unpolished stuff like that would be a huge red flag, but we love Larian games so much that we power through it and hope for the best. If nothing happens tomorrow with the new patch, I don't know how much longer I can tolerate the frustration. I still trust them though.