Hi Timbo 1982.
Have you tried a startup in Safe-Mode?
If your problem is caused by a corrupted macOS cache setting after the upgrade to Monterey then a Safe-Mode restart may fix the problem.
Review this document for how to carry out a Safe-Mode boot:
https://support.apple.com/en-gb/HT201262
Note, there is no need to do anything in Safe-Mode other than allow the Mac to boot into Safe-Mode, which takes around ten minutes, wait for ten minutes for all background processes to complete then restart the Mac normally
As second issue that sometimes occurs after a macOS upgrade is that file ownership and permissions become corrupted, this can often be seen when right-clicking on any of your personal user files, selecting "Get Info" and at the bottom of the info window under "Sharing and Permissions" you see the spinning ball icon and the word "Searching".
If this issue is present on your Mac then restart in Recovery-Mode and carry out First Aid using disk utilities on each disk and partition on your system, in the sequence "Volumes" first, then "Containers" and finally "Disks".
Volumes are at the bottom of the tree view, Containers in the middle and Disks at the top.
Repeat First Aid on all the Disks and Partitions present.
For some partitions the First Aid icon at the top of the Disk Utilities window will be "greyed-out" this is normal, just apply First Aid to those disks and partitions where the First Aid icon is actively available.
See this document for instructions on how to use Disk Utilities and the First Aid tool:
https://support.apple.com/en-gb/HT210898
First Aid will repair file permission errors that may be causing the slow down of your Mac.
Lastly, you can just try a re-install of the macOS Monterey while keeping your data and apps intact, rather than carrying out a disk-wipe and a full "clean-install".
It is advisable to have a Time Machine backup of your Mac before carrying out a macOS reinstall just in case anything goes wrong during the re-installation of the macOS and your data or apps are damaged, if this occurs a current Time Machine backup can be used to just restore your data and apps only onto an otherwise wiped and clean-install of the macOS.
You will find it simpler to create a dedicated Time Machine backup to your external drive rather than manually copying your files over one-by-one since the Time Machine backup will have a snap-shot of all your files and apps and your current data can be fully restored on to a clean macOS system after a wipe and rebuild if necessary (although personally I like to keep both a Time Machine and a separate backup of important data on separate external disks).
This Apple document lists all the key combinations required to access the various start-up modes for a Mac:
https://support.apple.com/en-gb/HT201236
HTH
Will.