Here's a screenshot showing a normal frame:

And here's a frame in the midst of the issue (getting about 0.5 to 1 FPS):

CPU:
Athlon64 X2 4200+ @ 2.2GHz (dual-core)
GFX:
GL_VENDOR: NVIDIA Corporation
GL_RENDERER: GeForce GTX 650/PCIe/SSE2
GL_VERSION: 4.5.0 NVIDIA 384.130 (Core profile)
GL_SHADING_LANGUAGE_VERSION: 4.50 NVIDIA
Screenshots were made with the OpenGL renderer, 1280x720 windowed, 2x overscaling, although it also happens with the software renderers without overscaling too. Tried with a fresh ini, no change. Tried turning off dynamic lights, no significant change.
Interestingly, when I first tried out the mod some years ago, the slowdown was very minor. Over time the slowdown got worse, and it's been like this recently. I recognize my CPU is quite old and is the likely culprit (I've not heard of performance complaints from others using the mod), though the slowdown still seems rather excessive even considering that. Assuming there's no improvements to make on the engine's side to help this case, are there any cvars that may be able to keep it from getting so bad?