Home Assistant VM hanging up and constant high CPU usage after latest updates, how to diagnose?

My VM looks like this on Proxmox. Even though I can VNC into the VM and use HA CLI, HA is completely irresponsive, automations stopped working, button triggers take ages to work or don’t work at all, the HA app shows “Connection Lost” and doesn’t work, homeassistant.local:8123 takes ages to start loading or doesn’t load at all, HomeKit doesn’t work.

I noticed this started happening after I upgraded from 2024.1.5 to 2024.3.0 and HAOS 11 to 12.

It’s a VM running HAOS with supervisor.

How do I start diagnosing this? I suppose there’s something causing the constant high CPU usage which is preventing everything else from running. Can I even downgrade back to HAOS 11 and HA Core 2024.1.5?

TIA

VNC into the HA cli, then type login and hit enter.
You will now be in a normal shell and can use commands like top or ps -aux to see what processes are eating up resources.