I use Apple Calendar exclusively (except when I have to create a meeting invite with others at work). But, I accept invites and such on my Apple Calendar. I have a number of iCloud calendars I sync with on three Macs and two iOS devices. All of these also sync with a work Exchange calendar.
I have been seeing this delayed event rendering on the iOS devices for a while as I'm on the iOS beta program. It was annoying but I made reports. The symptom was that I'd go to a day in the calendar but events would not be there but would fill in in a few seconds.
When I upgraded my Mac to Monterey, I started seeing the same annoying behavior on the Mac's Calendar app.
I unsubscribed to the Exchange calendar on the Mac. Lo and behold, the Calendar app was working like it was its old self. I tried unsubscribing on the iOS devices and, they too, started functioning nicely again. Just turning off the Exchange calendar in the Calendar app didn't do anything. I had to "unsubscribe" from the Exchange calendar.
Earlier in another thread, I through it was a client-side issue. I still believe that. But now, I am betting it is an Exchange client-side, either Apple's implementation or Microsoft's implementation.