Memory leak on each tab switch, causes tab switching in 3.38.2 to become slow (takes 1 second per switch at 500MB+)

I'm running Fedora 33. I'm not sure if this only started with 3.38.x, but I didn't notice this in previous versions (i.e. GNOME 3.36 with Fedora 32): switching between tabs, whether by clicking or using alt+1/2/3/etc. now takes exactly 1 second to react on my machine with Intel Sandybridge graphics in the GNOME Xorg/X11 session (haven't tested Wayland). It happens whether you are in listview mode or grid (thumbnails / icons) view mode, even with thumbnails disabled, even with empty folders. This is just locally (with a SSD), no remote mounted places.

Running sysprof on the Nautilus process, there is a suspicious amount of CPU and stack traces (?) activity everytime I switch tabs (I did it ten times in this example):