Bug is reported here https://github.com/WebKit/WebKit/pull/806#issuecomment-1170759817. Animation is very janky on a MacBook Pro with M1 Max and ProMotion. The animation becomes even more janky when ProMotion is turned off and the refresh rate is set to 60hz fixed. Issue doesn't occur on WebKit 614.1.19 on a M1 MacBook Pro (no ProMotion, fixed 60hz refresh rate), so I believe this has something to do with the variable refresh rate.
<rdar://problem/96221664>
Offset path animations aren't yet implemented in the compositor, so run on the main thread and should run at 60Hz (but still look smooth). I ran the test on a ProMotion MacBook Pro and it looked smooth.
I borrowed a MBP with ProMotion too and it looks pretty alright (not 120fps smooth but not as bad as the one in the Github issue)
*** Bug 242182 has been marked as a duplicate of this bug. ***