iPhone 14 Pro Max ProMotion (variable refresh) is very choppy & jittery

I got iPhone 14 Pro Max on iOS 16.0.3 couple of days ago. Have no other issues expect with the variable refresh rate - It’s choppy on the Home Screen sometimes when I swipe between pages. Even on native Apple apps like Safari, not always but sometimes in Settings when I scroll. It is much, MUCH more apparent and very distracting when I scroll down in apps such as Netflix, YouTube and Instagram. It just ruins the user experience.

On my over a year old iPhone 13 Pro Max, running iOS 16.0.3, it’s smooth as butter. just feels and looks way better. Even though it should be the other way around.

I presume (and hope) it’s a software issue with ProMotion variable refresh rate. The refresh rate is probably dropping to single digits too suddenly when slow-scrolling and to low double digits way to suddenly and choppy when fast-scrolling.

I have plenty of free storage, like 20% used. Restarting the phone doesn’t change anything. Closing other apps on the background to reduce ram usage does nothing. Reset settings to default did nothing. Factory reset didn’t work either.

My questions are: Is there any way for me to fix this? Is it an issue that Apple is aware of, and if so would it be fixed in 16.1? And could it be a faulty device or a hardware issue?

Thank you for your time