So my partner and I have persisted with a long (loot all playthrough) and the issue became untenable. We were at 80h mid act 2 and summoning is taking almost 1 min, there is freeze lag in other normal actions as well like levelling up, opening inventory etc...
It's a shame we've had to resort to this - very disappointing, BUT we are having a much better time using the PS5s assistance controller function. We basically don't bring in player 2, but set the second ps5 controller as an assist controller that player two controls.
This means we get some of the coop experience ( they control 2 characters in battle) and they can control characters in general play (albeit not at the same time as the other player). It doesn't feel so bad for ex to just say - hold on I'll disarm or lockpick, let I'll talk to this NPC cause we need X y or z skill etc... and the other player waits. The main cost is not being able to do things simultaneously.
The benefits are numerous: * primarily - there is no freeze lag cause technically it's single player but with two custom characters
* crucially also though - the screen is merged, but you still have two controllers active and the hand over is seem less.
* also very grateful it runs the game in 60 FPS so generally just nicer. We def recommend fellow ps5 split screeners give it a try.