You can find this setting in "Settings -> Safari -> Advanced -> Experimental Features" -- there should be a bunch of "GPU Process" Experimental WebKit Features enabled here.
I can only add that we are also experiencing this issue with our web application, which is a canvas editing platform allowing for many canvases to be composited on top of one another. No problems for iOS versions < 15, and disabling this feature fixed the issue for us.
We are looking to understand if this feature is intended to be enabled as part of iOS 15's official release. Curious if there is any insight available.