In further testing with a specific example of an email thread it really doesn't appear to be Webview2, but rather the Word rendering engine.
I see it performing a lot of tiny writes (512 bytes or so) in a ProcMon. There are no WebView2 process hits in the ProcMon. I see it pull the message from the OST and write out to a .TMP file in the user TEMP folder and then from there write to the AppData\Local\microsoft\windows\inetcache\Content.Word as multiple .TMP files. The Content.Word TMP files are the ones that really generate a lot of tiny writes. The busier our systems are with users, the slower this process becomes.
When forwarding this particular message Outlook will go "Not Responding" while it attempts to pull the message together for forwarding. It does not have the same issue when hitting Reply or Reply All.
Removing a particular Signature for the client from the message thread makes both the loading of the thread quicker and the forwarding no longer goes "Not Responding" and loads much quicker as well. The email thread is probably about 50 email exchanges long (I didn't count, just a rough guess).
CTXUVI makes no difference. Disabling AV makes no difference. Moving the TMP files out of the profile container (Citrix UPM full profiles) makes things marginally quicker, but certainly is not a fix.
New Outlook does not have the same issues with this same email, but doesn't have COM add-ins, so really isn't a solution I can propose at this time.
@Stephan Sprathoff - What are you seeing?