I was spending time doing things in my base right before the update and the game was running great. Did the update and now I can't move without dropping frames. 

Same here

Yeah same here lagging badly.

Idk if this will work for you guys but I turned off motion completely and the lagged stopped

I don't have lag on xbox but a lot of the insects just stand in one spot, mainly Weevils. I've also seen Red Ants bunched together in a single spot.

My game keeps closing since update. Also it wouldn't load recent auto save tried multiple times and kept closing. I loaded in with a manual save. Also when waking up after sleeping buggy will be stuck in the floor of my base and I can only get him out by sending him to nest. I also get stuck if I mount him. Red ants huddling together in random places.