Application Chooser slow to load on Big Sur, anybody else?

Is anybody else finding the Application Chooser slow to load on Big Sur?

For me, there can be a delay of a couple seconds after pressing VO-F1-F1 before the Application Chooser loads. This was not the case before Big Sur.

This is on an M1 MacBook Air, which makes this niggle even more frustrating as this darn thing is supposed to fly!