Severe slowdowns when using Safe SVG with WP Offload Media (Amazon S3)

We’ve been having some crazy slowdowns on our site, up to 2 minutes for pages to load. After deactivating all plugins (except for a few that are necessary for the theme) I narrowed it down to Safe SVG and WP Offload Media. When Safe SVG is deactivated everything runs fine, even with all other plugins enabled. I installed another SVG support plugin and there are no issues.

The site is in debug mode with error logging turned on and there are no errors in the log. Since the other popular SVG support plugin works, I’m not going to spend more time on it, but I just wanted to report the issue.