Damn, if IntelliJ is getting slower than Eclipse that's a big red flag. I don't use IntelliJ nowadays but 10 years ago IntelliJ was a vastly better and faster product. Wth is happening in Jetbrain?
No change / add in plugin's everything same.
Switched to using '17.0.8 Eclipse Temurin Java Runtime' and it's fast as before this release.
Hope this helps someone.
Only started using IntelliJ about 3-4 years back (due to Android development) so I don't have any comparison from older days there.