95% emitting emit phase takes much longer in Node >=16

[GaganpreetKaurKalsi]

Bug report

What is the current behavior?

In development mode,

Currently we are running our application on Node 14 and it takes around 30 secs for the 95% emitting emit phase to complete.

After upgrading to Node 16 and higher, it takes around ~2mins to get through the 95% emitting emit phase ( no change in webpack configuration).

If the current behavior is a bug, please provide the steps to reproduce.

This should be observed in any large scale project using webpack.

What is the expected behavior?

Upgrading node version shouldn't impact the compile time this much.

Other relevant information:
webpack version: 5.90.1
Node.js version: 14.20.0
Operating System: MacOS
Additional tools: