Troubleshooting slow server response times

First rule out DNS issues, how fast does dig look up the IP address of the site? Use ping and check for network issues (short ping times, variations).
Then use a tool like wget or curl and check the response time reported by these, are those really that large? Do they vary a lot?

(Besides profiling) I achieved significant performance improvements by using an object cache (Redis based in that case):

PHP 8 also improved performance compared to PHP 7.x.

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