Change:
} this.playingSounds.add(sound); <del> const url = FileAccess.asBrowserUri( `vs/platform/audioCues/browser/media/${sound.fileName}` ).toString(true); </del> <ins> const url = FileAccess.asBrowserUri(`vs/platform/audioCues/browser/media/${sound.fileName}`).toString(true); </ins> try { const sound = this.sounds.get(url); if (sound) { <ins> // preloaded </ins> sound.volume = this.getVolumeInPercent() / 100; await sound.play(); <del> return; </del> <ins> } else { // not yet preloaded const playedSound = await playAudio(url, this.getVolumeInPercent() / 100); this.sounds.set(url, playedSound); </ins> } <del> const playedSound = await playAudio(url, this.getVolumeInPercent() / 100); this.sounds.set(url, playedSound); </del> } catch (e) { console.error('Error while playing sound', e); } finally {

Discussion:
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is this something that falls under your area of ownership?
Can confirm. In 1.74 it was instant, whereas now it takes 1sec even in a new project of a single file. Affects Windows 10 and MacOS 12, so not OS-specific. More context: still reproduces in stable 1.75.0 without extensions () doesn't reproduce in 1.75.0-insider () reproduces in Version: 1.76.0-insider ()
I'm also seeing this perf regression with 1.75. Side observation: as noted, alt+f5 is slow in 1.75. However, alt+f3 (related functionality -- 'Show Next Change') still feels instant. (Not sure if this is relevant or helpful.)
For me both and is slow.

It doesn't matter which key combination I bind this command to. Repository size seems to have no (noticeable) effect. Disabling GitLens has no effect either.
I'm seeing this issue too, with both and . I noticed you assigned the label. It's worth noting that the comparable commands for the diff editor ( and ) do not seem to be exhibiting the same slowness, so this issue seems to only be happening in the editor, not the diff editor.
I only just noticed this myself after switching my keybindings because & stopped working since 1.76.0. It's frustrating having to open up the diff editor every time to see things quickly.