Because you are most likely running the Intel version, not the Apple Silicon one!
Check it in the Activity Monitor. There should be a "Kind" column on the CPU or Memory tabs. If not, you can turn on that column via a right click on the headers.
I'm using IntelliJ IDEA 2022.2 EAP (Ultimate Edition)
Build #IU-222.2680.4, built on May 25, 2022
Runtime version: 17.0.3+7-b463.3 aarch64
VM: OpenJDK 64-Bit Server VM by JetBrains s.r.o.
and it's freaking buttery smooth.
notice the "aarch64" part!