I tried it with BTRFS and had really terrible performance. I ended up trying ext4 and it was not appreciably better. I don't know the make and model of my SSD, but I'm sure it's a not-very-impressive SSD. Unencrypted with EXT4 was the only thing that offered good performance.
Mind you, I'm really happy with CachyOS, but I don't really understand why this is a problem and it doesn't seem to be an issue others are having.