Not saying that is the cause of this slow down, but since the mpeg4 patents don't expire till 2027(?) (and one of those patents prevents hardware decode on Linux) we as a society have given Google every incentive to do this and I welcome them to make mpeg4 irrelevant.
That said, I've solved this problem for myself on macOS and Firefox by setting media.webrtc.codec.video.av1.enabled to false on about:config, as all other codecs used by Youtube are hardware accelerated on my Mac.
The way the browser can still participate in choosing is by e.g. not listing AV1 as supported when there is no hardware decoder on the local system. Both Safari and Edge took (approximately) that style of approach, but it comes with the downside that if the server only has AV1 video then the client gets nothing.
Practically, that downside isn't a big deal until codec support is high enough sites start assuming the codec is just supported and they don't need to host alternative options.
Apparently, there's even an API attribute that indicates whether a given codec is power efficient (https://developer.mozilla.org/en-US/docs/Web/API/MediaCapabi...), which Google must also be ignoring – not their problem, after all. (I wonder if anybody did the math of the opportunity cost of losing a few ad impressions due to the user's battery dying early vs. the incremental bandwidth cost?)
I recall h264ify but not sure about it
Mostly fast enough for what I use it for (content consumption, web browsing, light gaming and coding). It's mainly limited by it's 8gb of ram which isn't upgradable.
I looked now and noticed that I actually reject VP8 and VP9 and accept AV1. I run Linux on a Ryzen 4750U, for the record. It did not have trouble chewing through VP8 / VP9 without skipping frames, but it ran unpleasantly hot.
[1]: https://web.archive.org/web/20110302145602/http://www.vertic...
Which is almost what AV1 is, native hardware decoding is slowly slowly progressing