App Switcher Slow With Many Applications

The application switcher gets slower and slower for me as I have more applications open. The highlighting for the mouse position begins to lag with 9 or 10 applications and performance degrades as more applications are opened.

Once there are 15 applications to show, it can take around 1 second to display, and the mouse lag is quite extreme.

This never used to be the case. I think it began with macOS 10.14.

Is there a way I can improve the performance?