I experience a very noticeable latency on Plasma. No difference between X11 (both with compositing enabled and disabled) and Wayland. A very rough estimate using a reaction speed test puts the latency at around 60ms (going from ~160ms on XFCE4 with compositing enabled to ~220ms on Plasma).
As an experiment, I downloaded KDE Neon and booted into the live session. This removed the latency completely, which indicates to me that this is not a hardware issue. I also tried reinstalling KDE and mesa, which did nothing.
kinfo output:
Operating System: Arch Linux
KDE Plasma Version: 6.0.1
KDE Frameworks Version: 6.0.0
Qt Version: 6.6.2
Kernel Version: 6.7.9-arch1-1 (64-bit)
Graphics Platform: Wayland
Processors: 12 × 11th Gen Intel® Core™ i5-11600K @ 3.90GHz
Memory: 15.4 GiB of RAM
Graphics Processor: AMD Radeon RX 6600 XT