There is the same issue on PC it seems.
I started noticing the issue at the end of Act 2, which was bearable, entering Act 3 is unbreable. Finally made it to Rivington, and I am also getting 2 minute + buffering/delays where I can move the selected character, but NPCs and interactibles seem frozen in time. Even saving the game needs the buffer. The only current way I can play the game is click a location, alt+tab for 5 minutes, then come back and do a single interaction.
Very dissapointed in this patch.