Hello Kelso Smith,
Welcome to Microsoft Community and we regret the inconvenience caused to you.
Thanks for sharing and this seems to be a compatibility issue between Windows 11 and Dell external monitor.
Windows updates is to improve the security of the machine and solve some potential vulnerabilities and bugs. However, the release of certain cross-version updates sometimes causes problems with certain brands and hardware, such as compatibility issues, such as compatibility issues... But Windows updates and hardware driver updates from other manufacturers cannot be synchronized at the same time. So this will indeed cause a little bit trouble for end users, and we have been focusing on creating a system that makes users more comfortable. That is how to ensure the safety of the machine without affecting the operation of other programs. Will it work fine if you performed a clean boot(close any non-Microsoft third-party apps)? Or can the problem be temporarily solved by connecting an external monitor or TV of a different model? If so then we can confirm that this is also related to your machine model and not the monitor.
And, the reason why the fps is very low after the laptop is connected to an external monitor may be that the laptop's external monitor should be assigned an integrated graphics card. The integrated graphics card is overwhelmed when playing games.
Windows 11 requires more machine hardware resources to run flawlessly. As you said that Windows 10 is ok so I think it is also related to the performance of your laptop hardware.
Hope this issue will be fixed in next update.
Best Regards,
Lenka-MSFT| Microsoft Community Support Specialist