My guess is that most of us hide OBS from itself. Look for File > Settings > Hide OBS from Screen Capture; I unchecked that selection, which makes it run like the older OBS builds and my performance increased drastically. Most people will not do this and assume that it should be fine, but once I turned this setting back on it was a nightmare to record with.
With this off (by default), I can even run OBS under NVIDIA's Low Latency conditions now. There were some jitter, but not like it was when I hid OBS from itself. I attached my Profiler Results from two logs to compare.
This is a log with OBS Hiding from the Capture = True
07:44:01.046: == Profiler Results =============================
07:44:01.046: run_program_init: 1024.36 ms
07:44:01.046: ┣OBSApp::AppInit: 15.73 ms
07:44:01.046: ┃ ┗OBSApp::InitLocale: 0.865 ms
07:44:01.046: ┗OBSApp::OBSInit: 990.083 ms
07:44:01.046: ┣obs_startup: 1.909 ms
07:44:01.046: ┗OBSBasic::OBSInit: 844.333 ms
07:44:01.046: ┣OBSBasic::InitBasicConfig: 11.466 ms
07:44:01.046: ┣OBSBasic::ResetAudio: 0.159 ms
07:44:01.046: ┣OBSBasic::ResetVideo: 140.82 ms
07:44:01.046: ┃ ┗obs_init_graphics: 139.631 ms
07:44:01.046: ┃ ┗shader compilation: 43.194 ms
07:44:01.046: ┣OBSBasic::InitOBSCallbacks: 0.006 ms
07:44:01.046: ┣OBSBasic::InitHotkeys: 0.02 ms
07:44:01.046: ┣obs_load_all_modules2: 528.844 ms
07:44:01.046: ┃ ┣obs_init_module(aja-output-ui.dll): 0.108 ms
07:44:01.046: ┃ ┣obs_init_module(aja.dll): 0.095 ms
07:44:01.046: ┃ ┣obs_init_module(coreaudio-encoder.dll): 5.643 ms
07:44:01.046: ┃ ┣obs_init_module(decklink-captions.dll): 0 ms
07:44:01.047: ┃ ┣obs_init_module(decklink-output-ui.dll): 0 ms
07:44:01.047: ┃ ┣obs_init_module(decklink.dll): 1.702 ms
07:44:01.047: ┃ ┣obs_init_module(frontend-tools.dll): 3.681 ms
07:44:01.047: ┃ ┣obs_init_module(image-source.dll): 0.005 ms
07:44:01.047: ┃ ┣obs_init_module(nv-filters.dll): 0.779 ms
07:44:01.047: ┃ ┣obs_init_module(obs-browser.dll): 0.446 ms
07:44:01.047: ┃ ┣obs_init_module(obs-ffmpeg.dll): 0.514 ms
07:44:01.047: ┃ ┣obs_init_module(obs-filters.dll): 0.013 ms
07:44:01.047: ┃ ┣obs_init_module(obs-nvenc.dll): 434.457 ms
07:44:01.047: ┃ ┃ ┗nvenc_check: 434.448 ms
07:44:01.047: ┃ ┣obs_init_module(obs-outputs.dll): 0.005 ms
07:44:01.047: ┃ ┣obs_init_module(obs-qsv11.dll): 46.429 ms
07:44:01.047: ┃ ┣obs_init_module(obs-text.dll): 0.176 ms
07:44:01.047: ┃ ┣obs_init_module(obs-transitions.dll): 0.004 ms
07:44:01.047: ┃ ┣obs_init_module(obs-vst.dll): 0.003 ms
07:44:01.047: ┃ ┣obs_init_module(obs-x264.dll): 0.001 ms
07:44:01.047: ┃ ┣obs_init_module(rtmp-services.dll): 0.718 ms
07:44:01.047: ┃ ┣obs_init_module(text-freetype2.dll): 0.049 ms
07:44:01.047: ┃ ┣obs_init_module(virtual-cam-filter.dll): 0.012 ms
07:44:01.047: ┃ ┣obs_init_module(vlc-video.dll): 1.095 ms
07:44:01.047: ┃ ┣obs_init_module(win-capture.dll): 1.65 ms
07:44:01.047: ┃ ┣obs_init_module(win-dshow.dll): 0.596 ms
07:44:01.047: ┃ ┣obs_init_module(win-wasapi.dll): 1.161 ms
07:44:01.047: ┃ ┣obs_init_module(xObsAsyncImageSource.dll): 0.04 ms
07:44:01.047: ┃ ┗reset_win32_symbol_paths: 0.152 ms
07:44:01.047: ┣OBSBasic::InitService: 1.042 ms
07:44:01.047: ┣OBSBasic::ResetOutputs: 0.253 ms
07:44:01.047: ┣OBSBasic::CreateHotkeys: 0.026 ms
07:44:01.047: ┣OBSBasic::InitPrimitives: 0.081 ms
07:44:01.047: ┗OBSBasic::Load: 39.287 ms
07:44:01.047: obs_hotkey_thread(25 ms): min=0.002 ms, median=0.004 ms, max=0.792 ms, 99th percentile=0.08 ms, 100% below 25 ms
07:44:01.047: audio_thread(Audio): min=0.004 ms, median=0.012 ms, max=18.727 ms, 99th percentile=0.091 ms
07:44:01.047: obs_graphics_thread(16.6667 ms): min=0.045 ms, median=0.255 ms, max=76.879 ms, 99th percentile=0.766 ms, 99.9178% below 16.667 ms
07:44:01.047: ┣tick_sources: min=0 ms, median=0.008 ms, max=58.019 ms, 99th percentile=0.046 ms
07:44:01.047: ┣output_frame: min=0.042 ms, median=0.101 ms, max=18.854 ms, 99th percentile=0.264 ms
07:44:01.047: ┃ ┗gs_context(video->graphics): min=0.041 ms, median=0.101 ms, max=18.85 ms, 99th percentile=0.264 ms
07:44:01.047: ┃ ┣render_video: min=0.002 ms, median=0.03 ms, max=1.666 ms, 99th percentile=0.084 ms
07:44:01.047: ┃ ┃ ┗render_main_texture: min=0.001 ms, median=0.029 ms, max=1.656 ms, 99th percentile=0.075 ms
07:44:01.047: ┃ ┗gs_flush: min=0.024 ms, median=0.065 ms, max=0.392 ms, 99th percentile=0.216 ms
07:44:01.047: ┗render_displays: min=0 ms, median=0 ms, max=0.003 ms, 99th percentile=0.001 ms
07:44:01.047: OBSBasicSettings::LoadThemeList: 0.042 ms
07:44:01.047: =================================================
07:44:01.047: == Profiler Time Between Calls ==================
07:44:01.047: obs_hotkey_thread(25 ms): min=24.93 ms, median=25.427 ms, max=26.18 ms, 55.5006% within ±2% of 25 ms (0% lower, 44.4994% higher)
07:44:01.047: obs_graphics_thread(16.6667 ms): min=6.435 ms, median=16.667 ms, max=76.897 ms, 99.8354% within ±2% of 16.667 ms (0.0823045% lower, 0.0823045% higher)
07:44:01.047: =================================================
07:44:01.049: Number of memory leaks: 0
This is a log with OBS Hiding from the Capture = False
07:43:37.809: == Profiler Results =============================
07:43:37.809: run_program_init: 4071.96 ms
07:43:37.809: ┣OBSApp::AppInit: 59.083 ms
07:43:37.809: ┃ ┗OBSApp::InitLocale: 8.367 ms
07:43:37.809: ┗OBSApp::OBSInit: 3808.99 ms
07:43:37.809: ┣obs_startup: 2.416 ms
07:43:37.809: ┗OBSBasic::OBSInit: 3610.26 ms
07:43:37.809: ┣OBSBasic::InitBasicConfig: 30.797 ms
07:43:37.809: ┣OBSBasic::ResetAudio: 0.19 ms
07:43:37.809: ┣OBSBasic::ResetVideo: 568.578 ms
07:43:37.809: ┃ ┗obs_init_graphics: 567.363 ms
07:43:37.809: ┃ ┗shader compilation: 433.494 ms
07:43:37.809: ┣OBSBasic::InitOBSCallbacks: 0.006 ms
07:43:37.809: ┣OBSBasic::InitHotkeys: 0.018 ms
07:43:37.809: ┣obs_load_all_modules2: 2641.89 ms
07:43:37.809: ┃ ┣obs_init_module(aja-output-ui.dll): 0.136 ms
07:43:37.809: ┃ ┣obs_init_module(aja.dll): 0.129 ms
07:43:37.809: ┃ ┣obs_init_module(coreaudio-encoder.dll): 14.504 ms
07:43:37.809: ┃ ┣obs_init_module(decklink-captions.dll): 0 ms
07:43:37.809: ┃ ┣obs_init_module(decklink-output-ui.dll): 0 ms
07:43:37.809: ┃ ┣obs_init_module(decklink.dll): 2.387 ms
07:43:37.809: ┃ ┣obs_init_module(frontend-tools.dll): 3.642 ms
07:43:37.809: ┃ ┣obs_init_module(image-source.dll): 0.005 ms
07:43:37.809: ┃ ┣obs_init_module(nv-filters.dll): 0.88 ms
07:43:37.809: ┃ ┣obs_init_module(obs-browser.dll): 0.479 ms
07:43:37.809: ┃ ┣obs_init_module(obs-ffmpeg.dll): 0.552 ms
07:43:37.809: ┃ ┣obs_init_module(obs-filters.dll): 0.031 ms
07:43:37.809: ┃ ┣obs_init_module(obs-nvenc.dll): 457.562 ms
07:43:37.809: ┃ ┃ ┗nvenc_check: 457.556 ms
07:43:37.809: ┃ ┣obs_init_module(obs-outputs.dll): 0.007 ms
07:43:37.809: ┃ ┣obs_init_module(obs-qsv11.dll): 70.447 ms
07:43:37.809: ┃ ┣obs_init_module(obs-text.dll): 0.225 ms
07:43:37.809: ┃ ┣obs_init_module(obs-transitions.dll): 0.006 ms
07:43:37.809: ┃ ┣obs_init_module(obs-vst.dll): 0.005 ms
07:43:37.809: ┃ ┣obs_init_module(obs-x264.dll): 0.001 ms
07:43:37.809: ┃ ┣obs_init_module(rtmp-services.dll): 4.563 ms
07:43:37.809: ┃ ┣obs_init_module(text-freetype2.dll): 0.066 ms
07:43:37.809: ┃ ┣obs_init_module(virtual-cam-filter.dll): 0.027 ms
07:43:37.809: ┃ ┣obs_init_module(vlc-video.dll): 66.275 ms
07:43:37.809: ┃ ┣obs_init_module(win-capture.dll): 48.17 ms
07:43:37.809: ┃ ┣obs_init_module(win-dshow.dll): 0.693 ms
07:43:37.809: ┃ ┣obs_init_module(win-wasapi.dll): 1.136 ms
07:43:37.809: ┃ ┣obs_init_module(xObsAsyncImageSource.dll): 0.059 ms
07:43:37.809: ┃ ┗reset_win32_symbol_paths: 0.187 ms
07:43:37.809: ┣OBSBasic::InitService: 9.063 ms
07:43:37.809: ┣OBSBasic::ResetOutputs: 6.924 ms
07:43:37.809: ┣OBSBasic::CreateHotkeys: 0.031 ms
07:43:37.809: ┣OBSBasic::InitPrimitives: 0.082 ms
07:43:37.809: ┗OBSBasic::Load: 159.465 ms
07:43:37.809: obs_hotkey_thread(25 ms): min=0.001 ms, median=0.004 ms, max=3.782 ms, 99th percentile=0.102 ms, 100% below 25 ms
07:43:37.809: audio_thread(Audio): min=0.004 ms, median=0.012 ms, max=0.406 ms, 99th percentile=0.076 ms
07:43:37.809: obs_graphics_thread(16.6667 ms): min=0.035 ms, median=0.151 ms, max=92.09 ms, 99th percentile=0.595 ms, 99.9934% below 16.667 ms
07:43:37.809: ┣tick_sources: min=0 ms, median=0.007 ms, max=86.893 ms, 99th percentile=0.045 ms
07:43:37.809: ┣output_frame: min=0.033 ms, median=0.099 ms, max=0.808 ms, 99th percentile=0.236 ms
07:43:37.809: ┃ ┗gs_context(video->graphics): min=0.032 ms, median=0.098 ms, max=0.807 ms, 99th percentile=0.235 ms
07:43:37.809: ┃ ┣render_video: min=0.002 ms, median=0.027 ms, max=0.645 ms, 99th percentile=0.059 ms
07:43:37.809: ┃ ┃ ┗render_main_texture: min=0.001 ms, median=0.026 ms, max=0.643 ms, 99th percentile=0.057 ms
07:43:37.809: ┃ ┗gs_flush: min=0.027 ms, median=0.069 ms, max=0.422 ms, 99th percentile=0.206 ms
07:43:37.809: ┗render_displays: min=0 ms, median=0 ms, max=0.013 ms, 99th percentile=0.001 ms
07:43:37.809: OBSBasicSettings::LoadThemeList: min=0.036 ms, median=0.036 ms, max=0.041 ms, 99th percentile=0.041 ms
07:43:37.809: =================================================
07:43:37.809: == Profiler Time Between Calls ==================
07:43:37.809: obs_hotkey_thread(25 ms): min=24.755 ms, median=25.366 ms, max=28.964 ms, 60.281% within ±2% of 25 ms (0% lower, 39.719% higher)
07:43:37.809: obs_graphics_thread(16.6667 ms): min=6.264 ms, median=16.667 ms, max=92.095 ms, 99.99% within ±2% of 16.667 ms (0.00331994% lower, 0.00663989% higher)
07:43:37.809: =================================================
07:43:37.813: Number of memory leaks: 0
There are some areas of interest. With the option set to enabled, the shader compliation is 43.194 ms, but with it turned off, its 433.494 ms.
If you look at the output frames and audio:
----------------------------------------------------------------------------------------------
OBS Hide from Capture Set to Enabled:
output_frame: min=0.042 ms, median=0.101 ms, max=18.854 ms, 99th percentile=0.264 ms
audio_thread(Audio): min=0.004 ms, median=0.012 ms, max=18.727 ms, 99th percentile=0.091 ms
------------------------------------------------------------------------------------------------
OBS Hide from Capture Set to Disabled:
output_frame: min=0.033 ms, median=0.099 ms, max=0.808 ms, 99th percentile=0.236 ms
audio_thread(Audio): min=0.004 ms, median=0.012 ms, max=0.406 ms, 99th percentile=0.076 ms
-------------------------------------------------------------------------------------------------
From this, and I'm sure that I could pick a clear winner for me (which is to keep the setting turned off), the shaders took less time to compile when it's enabled; Since its hiding from the capture and takes less time to load OBS. However, turning this setting off took more time to load the shaders (maybe there are more shaders being build by OBS and the NVIDIA driver) and it feels as though more functionality is loading.
The tradeoff is "I want to hide OBS from being captured because I don't want people to see it" or "it takes less time to load OBS, so this way is better" when in fact it's making recordings worse.