Game unplayably choppy

With the previous update, the game ran perfectly smooth from 150 to 200 FPS in any and all conditions with all settings maxed (aside from resolution scaling, which is 100%). With the latest update, the game plays at roughly the same FPS but it’s interrupted with constant drops down to 30 or less. It’s almost as if the game is stopping and it’s making racing impossible. What could have possibly changed between versions to cause that?

32GB DDR4 @ 3200 MHz
1080 Ti