I spent 1 hour online with apple support on the same topic and we could not resolve it.
As others have noted it could be linked to large calendar content in general, as I was able to improve the speed by ‘unlinking’ one of my apple calendars (I have them split into Personal and Work).
ie. Disable Work events and it was running better.
Nevertheless, no solution from apple support and I don’t expect to see one, as I have had the same issues with my Apple Contacts also for the last 2 OS systems which started with Catalina. Spinning wheel and slow response. This has carried through to Big Sur and now Monterey also. I am sure that this is also linked to my large contacts files (I use a lot of images for contacts).
Updated my iPhone to IOS 15.2 and iPad is at 15.1 but no difference for Calendars.
The same is happening across all my devices including MacBook 12 inch and iMac 2015 which are running Monterey 12.1
Apple seems to be going backwards at every new OS. Have hidden my Calendar app and using Readdle Calendars on my IOS devices (it has always been my preferred app anyway) but Apple Calendar on iMac and MacBook is simply not usable.
According to Apple, no one has registered this a a problem that needs to be resolved…….