Solo netplay performance tank

[mzy]

Me and a friend are trying to netplay a single player game to take turns on, but it seems there's an issue with how Wind Waker (and perhaps other games?) is handled in netplay. This is regardless of whether or not there is a connection between players. It also doesn't seem to be a personal problem. I asked my friend to host and launch the game alone, and he experiences the same crippling performance. Performance is perfect offline. Pure default config.

Video provided is netplay with no connected users.
https://www.youtube.com/watch?v=K_NdfTSWi_M

Any help would be appreciated.