I made a small and not extensive test a few minutes ago.
I ONLY loaded HIP and I had the aforementioned lags. Seems like a bit more time between the lagspikes but they do happen. So a misbehaving mod alongside HIP is pretty much ruled out.
And the comment wasn't about comparing CK2+ to HIP but to point at the fact the other mods do work with other big overhaul mods so it was unlikely they are the sole culprits in the first place. If you feel better about it I have pretty similar problems with 2.7 AGOT.
Given I have not the strongest PC of mankind I hazard a guess a quad 2,9 GhZ, 8 GB of Ram and DirectX10 Graphics with 512 MB alloted Ram should nevertheless be plenty to run CK2 ...
Do you have the M&M DLC enabled? I'm curious if disabling it has an impact upon this lag.
Certainly, as I've gone through the code and am now again with the 2.7.1 compatch, it's astounding to me how decadently a lot of this is written (certainly nothing I'd ever do with content being added to EMF), and given that most of the performance profile of said decadence would degrade heavily with increasing character count (esp. for CPUs with less than 8MB of L3 cache, or various other cache-related bottlenecks), I'm wondering if it's simply due to the much greater amount of characters on the SWMH map than the regular map interacting with M&M.
This leads me to my next instruction: see what happens you disable SWMH and use the regular map. If that's reasonable, you can try MiniSWMH, although that's still most of SWMH, but it may help (personally I prefer it anyway, because it removes some groups from the edges of the map that otherwise tend to have very strange and ahistorical impacts upon the world).
EDIT:
Note that some of the most CPU-intensive stuff in this patch may actually be not locked in the M&M DLC (e.g., the way all characters in all top realms are actively deciding whether to try to recruit others into secret-religion-societies), so disabling M&M and still observing lag probably doesn't say much (though if it were to be lessened, it says something).
If comparing to CK2+, the regular map is a much closer fit to theirs, so I'd definitely suggest playing with your module selections in the installer.
Performance is, personally, a very hot topic for me (it's also what I do professionally), so I appreciate any feedback you can give on the matter with your setup, if perhaps a particular module deselection in the installer makes a massive difference (though without EMF you're basically talking straight vanilla for events, factions, revolts, laws, and all the other stuff that module does, more or less akin to most of CK2+ in terms of function as well as sometimes literally the same code).