SOLVED - “Allow screen tearing” was ON and caused this issue. 
I have some constant stuttering on my current setup. Every 4-5 seconds, almost like a hiccup, I drop about 100 ms worth of frames.
Video:
https://picoshare.jau.nz/-VnpPP8z6xR
Full specs:
5600X
3080 Ti on 570.124.04
Nobara with KDE
Wayland
This has been persistent through several GPU driver updates and I’m tired of trying to troubleshoot it. I don’t know what the exact cause is. Any ideas?
Also, related note, how easy is it to migrate from one distro to another? I am thinking about trying something else - maybe base Fedora or Arch - to hopefully have better performance.
Not this much. Try disabling desktop effects and see if anything improves: https://userbase.kde.org/Desktop_Effects_Performance