Now that I continued playing the game, the slowdowns are gone, so it must have been something weird going on at my end.
I forgot to mention that this is what it looks like underwater to me:
I'm guessing this is not intentional.
Ok that is strange :) Maybe something to do with Intel ARC GPU? There is camera wide shader effect applied when player goes underwater
Yes, this has very likely something to do with Intel GPU or driver. Probably some edge case that Intel handles differently.
