Zoom crashes / stops responding on Macbook Pro (16-inch, 2019, 2.6 GHz 6-Core Intel Core i7)

I have a MacBook Pro (16-inch, 2019, 2.6 GHz 6-Core Intel Core i7) connected to an external Samsung Monitor.
Using this setup for a zoom meeting results in video frame dropping, audio lag and the overall system becoming slow and sluggish.

The problem goes away when I disconnect my Monitor.

I've checked the activity monitor when the MBP is connected to an external monitor and I see the zoom usage go up as high as 120% of the CPU time and overall system usage to 86%.

I still haven't found a solution to this. Can someone please help?