dav1dplay giving poor playback performance with -r placebo-gl

When building dav1dplay with libplacebo support, I get poor UI and playback performance under the -r placebo-gl renderer. The video looks like a slide show and clicking on X to close the window is not responsive. Note -r sdl seems to work fine.

See the log below:

$ build/examples/dav1dplay -i chimera-8b-1080p.ivf 
Using placebo-gl renderer
Frame displayed -0.018000 seconds too late
Frame displayed -0.011000 seconds too late
^CDecoded 147 frames in 20 seconds, avg 7.19 fps

$ build/examples/dav1dplay -i chimera-8b-1080p.ivf -r sdl
Using sdl renderer
Frame displayed -0.012000 seconds too late
Decoded 401 frames in 16 seconds, avg 24.29 fps

Run-time dependencies detected by meson are:

Run-time dependency sdl2 found: YES 2.0.10
Run-time dependency libplacebo found: YES 2.72.0
Run-time dependency vulkan found: YES 1.2.143