Same problem with latest version, this problem has been around for a couple of years and i still see no fix, it makes painting a chore.
Not using any overlapping UV's, using UDIM's, had this happen with another character that didn't have UDIM's, just painting lots of brush strokes on a layer, only color, turned off every other layer and still lags but painting with mouse works normally. On the brush i disabled pressure, some spacing, jitter on everything and a alpha that comes with the program to create random color for skin. Tried also disabling Windows INK and still lags only with tablet.
My specs:
CPU:I7 8700k 3.7GHz
GPU: GTX 1080TI 11 GB GDDR5
RAM: 64 GB
Tablet: Wacom Intuos 4 Medium.