Severe ASO Performance Degradation After Essbase was Upgraded to 21.7.4

We are experiencing a severe performance degradation in ASO after our Development environment was upgraded to Essbase version 21.7.4.0.0.004.
The exact same cube runs fast in Production (11.1.2.4), but in Development the performance became extremely slow only after the update.

Issue Summary

• Some level-0 members have formulas.
• In the previous version, formulas performed normally.
• After the upgrade to 21.7.4, any ad hoc query that includes these formula members becomes extremely slow.
• The query becomes fast only if we remove the formula entirely.
• Nothing was changed in the application. Only Essbase was updated.

The same formulas run fast in Production (11.1.2.4) and used to run fast in Development before the update.