World Space UI Text hanging phone when updating

I have a world space text which is added as a child object on 3-4 various gameobjects.
The text is showing current laps like this “1/5”.
I am updating the text when player completes a lap but when it text updates the game hangs for a second or two.

Also I am making the text always look at the camera by using “LookAt” method.

It gets worse when I test the game on mobile.
Any one with a suggestion ?

Ok I have fixed the issue by using screen space canvas as the world space canvas was not performing well with frequent updating texts.