It's awful, remove it.
Nothing it accomplishes that is desirable can't be accomplished by much cleaner, more sensible, fun ways.
The way to fix snowballing is to go back to a tech system where large empires reached a soft cap on teching rather than being able to research repeatables in 3 months because you have 5000 pops and its impossible not to be research leader with 5000 pops. The problem with snowballing is that large empires are both advantaged in quantity (due to production) and quality (due to teching rate scaling linearly with pops so long as you stay under sprawl). Fix it so that large empires tech at roughly the same rate as small empires (or slightly slower than heavily optimized small empires), and its fine again. This is an explicit REGRESSION from previous stellaris versions that should have been fixed long ago the right way, not "fixed" by this awful mechanic.
There is no anti-lag mechanism because pops still grow just as quickly as before with lots of small empires and players are encouraged to make vassals to grow faster. AI empires still never expand much and by the time the AI starts expanding much the planets it conquers will have grown. All this mechanic does is punish players who can expand much faster than an AI, and a player is then left the choice of either suffering with few pops or abusing many of a litany of strategies to work around it and therefore negate the lower # of pops. A player who built 100 habitats before and wants to build 100 habitats now will still do that and lag their game to hell, the only change is they now need to do workarounds to get the growth.
There is no anti-micro effects because this update in fact encourages even more micro than before. Where before you could just build what you want when you want, now you need to dynamically monitor your planets and expand/contract housing and jobs and handle migration AHEAD OF TIME in order to keep growing well rather than simply clicking the planet when a red icon showed and building something. There was a simple suggestion to fix micro pre-3.0: LET PLAYERS BUILD BUILDINGS AHEAD OF TIME! Was this implemented? Still no! Instead you still unlock buildings over time and still can't pre-build them, they are just unlocked by slightly different things (city districts and some tech/civics/etc rather than every 5 pops).