Google Tag Manager seems to slow down website (according to PageSpeed)

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in order to comply with new EU regulations we are now integrating CookieYes banner using Google Tag Manager (GTM).

This is basically the only thing we use it for, but GTM seems to severely slow down the website (according to Google Page Speed / Lighthouse).

For example see some of the screenshots below. Is this just showing up in the PageSpeed test, or is something else going on? We do not have excessive tags, and only use it for the CookieYes banner.

I have re-run this multiple times on different pages and keep getting the same result.

Image one shows the complete website cache is smaller than the 3 GTM tags? Image two shows another recommendation from PageSpeed, once more showing the size and load time

Shows the complete website cache is smaller than the 3 GTM tags?

This one shows another recomendation from PageSpeed, once more showing the size and load time

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