I’m running V16 on Tahoe and havent noticed anything unusual with the performance. Granted I do have a MacStudio M4 Max, I don’t think the issue is in the chip. It should run fine on your system.
It could come down to the plugin cache your DAW uses. Or possibly the local Waves Plugin Server data, maybe both.
Try deleting that and let your DAW rebuild it. But I would probably also recommend deleting Central’s cache and running a Rebuild after you delete the DAW’s plugin cache. And just to be sure, restart your system before running the DAW up again to automatically generate a new plugin cache.
If that doesn’t work try contacting support…