I have the same issue. I see you are also using KDE Plasma Wayland.
This might be a regression in KDE Plasma, specifically in Wayland. When I run the session in X11, it works.
There's already a bug report here: https://bugs.kde.org/show_bug.cgi?id=495400
And possible fix is pending here: https://invent.kde.org/plasma/kwin/-/merge_requests/6756
I can confirm that it works normally under X11.
So it looks like you're right about it being an issue with KDE Plasma Wayland.
Works normally again with KWin 6.2.4-1
Nothing extracted yet.
Describe the bug
When I launch SteamVR my entire desktop only seems to update very sporadically (see spinner in top right of the video.)
Once SteamVR is closed, everything works like normal again.
To Reproduce
Steps to reproduce the behavior:
Expected behavior
I expected for my system to behave about the same as prior to launching SteamVR.
System Information (please complete the following information):
Steam client version (build number or date): 1731112063
SteamVR version: Version 2.8.6 (1729556249)
Distribution (e.g. Ubuntu): Arch Linux
Steam runtime diagnostics: Steam Runtime Diagnostics.txt
Steam and SteamVR logs: steam-logs.tar.gz
Minidumps: steam-minidumps.tar.gz
Screenshots
https://github.com/user-attachments/assets/ea57c8ec-0e1b-4574-b447-87220bda33ac
Additional context
I'm running a 3 monitor setup via a Displayport MST hub
Neither my CPU nor my GPU are fully utilized when this happens.