Performance will never be fixed. Paradox has no technology or know-how. They are still stuck in early 2000.
Without being on the inside, it's hard to know why certain decisions were made.
Considering it's a completely new game, I've no idea why the team decided to go with an old game engine with little/poor considerations for modern CPUs. Did the devs consider it to be a non issue or were they concerned but overridden by management for cost/time reasons?
It also feels like the devs / QA team weren't able to put in place from the start an extensive automated testing system, which probably explains why a lot of bugs resurface. Is that because such things are boring or because management set extremely tight deadlines that didn't make such things practical?
I could go on but based on my real world experiences as a developer, it's hard to know where to point the finger. There's certainly plenty of poor developers out there. But it's also very rare that developers are given the opportunity to follow "best practices" because management want everything done yesterday and are rarely concerned about the long term enough to do things properly in the short term. Doing things properly takes a long of time up-front. But for multi-year projects that can save you a lot of time in the long term.
From various comments, I certainly get the impression that the devs/QA are under-resourced for the scale of the project. It's hard to evaluate how competent they truly are outside of that because most of the "dev diaries" are about content rather than programming itself. There's been some times when I've been rather unimpressed with some of their comments but without knowing the problem in detail it's hard to truly judge.
(Just to be clear, sometimes the management team are right in that getting things done quickly/cheaply is the only way to have a viable product but that doesn't excuse never fixing those underlying issues once you start making a profit)