Google decreed that by mid-2021, all Android apps should be 64-bits only. That means all Android apps, including Wyze, have to migrate to 64-bits by that time.
I don’t know the exact reason(s), but Wyze somehow used a replacement 64-bit library that doesn’t support hardware-assisted video decoding, hence all that commotion.
Sometime ago, they announced an app revision that they claim alleviates the problem, I don’t know about others, but I see a marked improvement on my mobile devices. Whether that app revision is or isn’t doing hardware video decoding, I don’t know, but it sure is much better than before.