For what it’s worth, here’s my working theory - based on 90% speculation 
With all the focus on high-end performance, maybe some of these modern big rig desktop graphics cards - built and benchmarked for cranking out 9,000 FPS for hours in a row on Call of Duty - might not naturally perform as well at the basic desktop computing demands of “chill for 30 minutes, boost up quickly to render this menu, then go back to chilling.” Perhaps they need more assistance from the software and drivers in being told when and how to ramp up, and the NVIDIA drivers don’t have that worked out as well on Wayland (yet)?
The anecdote that makes me think that is, across our family I regularly use three devices that are all running up-to-date Fedora KDE 41 with a Wayland session - so the same versions of all system software:
- 9 year old gaming desktop - NVIDIA GTX 1060 card (old, soon-to-be unsupported)
- 6 year old gaming laptop - AMD+NVIDIA hybrid
- New gaming desktop - NVIDIA RTX 4070 SUPER ULTRA MEGA PRO MAX (name not exact) from 1 year ago
The performance of each device at basic desktop interactions - moving windows around, menu animations, and all of that - has a pattern that surprised me:
- 9 year old desktop: 100% buttery smooth
- 6 year old laptop: 100% buttery smooth
- New gaming desktop: Sometimes smooth, sometimes janky (even with GSP disabled)
That’s all speculation, but I am 99% sure that, as Nate said above, it’s all down to clock speeds. On the new gaming desktop, running the command sudo nvidia-smi --lock-gpu-clocks=1980,3105 to raise the minimum clock speed makes everything 100% buttery, just like the other less-powerful devices.