After much testing, I confirmed that the constant, enormous lag I’m getting is caused by CPU-side “rendering” even when hardly any geometry is in view. The profiler shows this category is causing almost all the delay even when the player character is facing an area with very little in view, but when I deactivate a large amount of geometry BEHIND the player the lag suddenly disappears and the CPU-side rendering usage drops dramatically.
This seems counter intuitive, since I thought the CPU “rendering” category refers to activities such as dealing with unevenly scaled geometry before sending it on to the GPU? I do have a lot of unevenly scaled geometry, granted, but why should it cause so much lag even when it isn’t in view and therefore doesn’t need to be sent to the GPU?