Hi,
I'm experiencing the same thing. I'll go into detail a bit:
I'm using a MacMini controlled via OSC to playout video on 2 projectors. All Videos are 1920x1080 ProRes 422 LT or Proxy.
My MacMini i7, late 2014, 16GB Ram, Big Sur, runs one video smoothly. When I start a second video everything get's choppy.
My MacMini i5, late 2014, 16GB Ram, Catalina, in the exact same position and setup plays 2 videos smoothly.
So my guess is actually Big Sur too, that's why I came to the forum. Does anyone have some Big Sur experience?