Weird Lag and Freezing Only When Using My Phone as a Hotspot on T-Mobile

I've been relying on my Pixel 5 as a mobile hotspot for my laptop during work hours since my home internet has been super unreliable lately. Everything was fine for a couple of weeks, but starting last Wednesday, the phone starts lagging and freezing randomly whenever the hotspot is active. If I disconnect the hotspot, the phone works perfectly fine again. I've tried rebooting the phone, toggling airplane mode, and even resetting network settings, but no luck so far. I'm on T-Mobile with a decent 5G connection in my area, and my laptop's Wi-Fi works fine with other hotspots or at coffee shops, so I don't think it's the laptop. The lag on the phone itself is weird because it almost feels like the device is overwhelmed or throttling when it's sharing internet. Has anyone else experienced similar issues with hotspot usage causing phone freezes? Are there any specific settings or apps I should check that might be conflicting with the hotspot function? Also, is this something that could be fixed with a software update, or should I consider a factory reset or even switching to a dedicated hotspot device?