Logic Pro latency excessive after upgrading to Sequoia

I have just upgraded to Sequoia from Monterey.

In Sequoia I have noticed a perceptible delay between hitting a note on my keyboard an the sound being heard. I ran a test comparing Monterey with Sequoia by recording the sound of the keyboard note being struck and the subsequent sounding of the note generated by Logic through the speakers on both systems, with identical Audio Device settings (128 buffer size).

I loaded the two wave forms into Logic and compared. In Monterey there is no perceptible delay, but in Sequoia the delay is roughly 115ms, as show in this screenshot:

I have noticed that Logic is using a lot more CPU in Sequoia, but apart from that there is no extraneous load on the processor:

And these are the Audio settings in Logic (identical on both machines):

This is most frustrating - has anybody any ideas how to fix this, or is it a bug?

Thanks,

Stewart