Wayland lag/stuttering since kernel 6.11.2

If this issue only occurs with 6.12.x, but not with 6.11.9, it might be related to Wrong frame timing/jerkiness with 120Hz display on 6.12 (bisected) (#3742) · Issues · drm / amd · GitLab

tl;dr: You can try to use kernel cmdline amdgpu.dcdebugmask=0x10 as a workaround until the issue is fixed.

I had the lag/stuttering issue after upgrading to 6.12.x, running Arch + Sway.

The fix for me was disabling adaptive_sync in my sway config (~/.config/sway/config):

output * adaptive_sync off

Sharing in case it helps anyone else.