Excessive Pending Callbacks after upgrading SDK from 35 to 39

Hi Expo Community,

Few weeks ago I’m upgrading my project from SDK35 to SDK39, since the SDK35 is going to be dropped. After few adjustments to the upgrade, I managed to get it working. But somehow when trying to use the app on more cases with a lot of data, the app show warning about excessive pending callbacks after launch and become very slow + the UI become unresponsive.

We had caching system for offline uses which will be loaded initially from AsyncStorage whether the app is offline or online. From the error stack trace, it seems the excessive callback caused by multiple AsyncStorage.getItem inside Promise.all. We try to removed it so the app directly using API call for the data but the error still persist. After tracing it again, it also appearing from various UI component that include TouchableOpacity. We removed the minimum necessary to eliminate each component until we were able to eliminate the warning altogether, but the app still unresponsive for about 30-40 seconds (on Pixel 2) before begin to function normally with no obvious issues.
Any idea of how this happen and how to fix it?

Before Disabling Caching

I can only post 1 photo, so I can’t share the screenshot after disabling the cache. But the error now contain this (It’s actually multiple, but only consist these types):

"7397": {}, 
"7148": {"module": "NativeAnimatedModule", "method": "startAnimatingNode"}, 
"7427": {"module": "ImageLoader", "method": "getSize"},
"7428": {"module": "UIManager", "method": "measure"}

Here’s my expo-diagnostics:

Expo CLI 3.27.8 environment info:
      OS: macOS Mojave 10.14
      Shell: 5.3 - /bin/zsh
      Node: 12.16.2 - /usr/local/bin/node
      Yarn: 1.22.5 - /usr/local/bin/yarn
      npm: 6.14.4 - /usr/local/bin/npm
      iOS SDK:
        Platforms: iOS 12.1, macOS 10.14, tvOS 12.1, watchOS 5.1
      Android Studio: 3.5 AI-191.8026.42.35.5900203
      Xcode: 10.1/10B61 - /usr/bin/xcodebuild
      expo: ^39.0.0 => 39.0.5 
      react: 16.13.1 => 16.13.1 
      react-native: https://github.com/expo/react-native/archive/sdk-39.0.4.tar.gz => 0.63.2 
      react-navigation: ^3.0.0 => 3.13.0 
    Expo Workflow: managed

If you need me to provide more information, let me know.