High rendering lag and low fps streams since OBS 32

[hroto_hroz]

System:

• Mac Mini M4 16gb/256gb Tahoe 26.0.1
• Latest OBS Studio (32.0.1)
• Capturing GeForce Now (1440p @ 240fps) (tested with application capture vs. display capture)
• 4k monitor at 240hz but changed base and canvas resolution to 1080p

Problem:
Up to 30% missed frames due to rendering lag. First time streaming since OBS 32.

I stream to twitch and have used the autoconfiguration wizard for my settings. Haven't had major issues in the past. I restart my computer before I stream and I'm aware there is a bug with Electron so I make sure to not have Cursor or Discord running while streaming. My memory pressure and cpu util looks fine in activity monitor.

I've tried:

1. Changed Base Canvas Resolution from 4K → 1920x1080

1. Changed Output Resolution to 1920x1080
2. Restarted OBS multiple times
3. Tested without any applications running (no lag - works fine) but then I add even a small application like Chatterino and it breaks my rendering.
4. Switched between Window Capture, Application Capture, and Display Capture
5. Temporarily fixed - dropped to 1.8% missed frames at one point but the issue returned without changing any settings. I enabled V-sync and that didn't fix anything.

Please let me know what I should check next. I've submitted my logs to the log analyzer and it tells me my GPU is maxed out (according to activity monitor this is not true) and I should enable V-sync. I enabled V-sync and it did nothing.