Preformance drop when calling draw to render target

There is a major performance drop after 4.18 when calling draw material to render target. This is an issue reported by many community members, and there seem to be additional reports with different repros. Below is a link to the forum post where the community discussion is taking place and a JIRA that is related but caused by a different issue.

[Link Removed]

[Link Removed]

Working properly in 4.18 CL# 3832480

Found in 4.19 CL# 4033788, 4.20 Preview 3 CL# 4135216, 4.21 CL# 4136834

This is a regression.

1. Open project in 4.19 [Link Removed]
2. Play in standalone
3. Open the Console and enable "Stat UnitGraph" or "Stat RenderThreadCommands"

Results:
Performance is very poor in comparison to 4.18

Expected:
When playing in standalone the performance should match