Bringing up the context menu requires Windows to enumerate the registry for the file/shell types to build the menu options and run any shell extensions that have registered as context menu handlers. Most likely it is one of these registered handlers that is causing the still. AV is also going to get triggered because you're interacting with files and that could slow things down but only if your AV is broken.
I would disable/remove all context menu handlers that are part of third party apps and see if the problem goes away. Then add them back one at a time until the problem replicates. Some common context menu handlers would include source control-integration, comparison tools like Winmerge, etc. Most are done via the registry so they don't have to run in the shell but some use a handler. You can use the registry to find the registered menu handlers.