@Aren In the game, we had the clipping feature enabled because we needed it to implement a certain animation, but that animation was replaced recently with a simpler one. So, while cleaning up the project today, I turned off the clipping feature, and I am finally seeing my game run at 60 FPS without the tiniest of lags!
I'm not interested in finding a solution for the clipping performance issues, since we removed it, but please do keep that in mind as a reference point, in case you or one of your users faces a similar issue.