I have the same problem with my R5m2, to the degree that I decided to shelf it until a new firmware is published, and use an old R5 instead.
I compared the two with the same RF600/4 and the results were a lot more favorable to the old R5, a lot more keepers.
Then I decided to give it one more try, with the following plan: factory reset it, then try it out with default and if it seems better, try and restore the settings. If they make it bad again, restart and try to pin the bad setting.
Fortunately, it behaved well, with a twist. I have seen some improvement after the reset, with the default settings. Then I reset it once more (don't know exactly why), and after this second reset, it started asked me about language, time and stuff like that. Weirdly, it didn't do that after the first reset! After that second reset it seems to be back to working very well. I shot ~1600 frames at H+, eye tracking sparrows, finches, blackbirds, crows, with my settings restored, and it behaves very well. It's back to what I expect it to be, with sharp eyes, a lot of keepers. And it beats the old R5 again.
So... it seems like for me the 2nd reset did the trick, I don't know for how long it will stay that way - it's only been 1 day.