iOS 16 Spotlight Search Very Slow in Returning App Results

I often pull down and do a quick search to pull up an app to open (rather than navigating to it). On my iP12 Pro Max, once I updated to iOS16, this search became very slow (10+ seconds) and less effective.

Example, I do a search on "wall" expecting it to pull up the wallet app. Doing so returns no results. If I type the full 'wallet' it returns the app result but it takes 10-15 seconds to do so. Previous to the install, this was nearly instantaneous and would appear after typing 'w-a-l'.

If I go to the app index screen (where they are listed A-Z) the search works instantly again. It's only when searching from one of the home screens (pulling down to display search bar) that it behaves wrong.

Things I've tried:

1. hard rebooting the phone
2. changing the language from US English to Canada English and then back
3. Reset home screen so that all apps were returned to home screens, not in folders, etc.
4. Made sure the search settings are set to return apps for the apps I'm searching (an all variations)

It seems like maybe an indexing issue?

I've seen a few other people say they've had this issue and not found a solution. If I reset my phone and restore from the cloud, the problem will persist as I demonstrated going from iP12 - 14.