Magento 2.4.6 high TTFB (2.5s) on product pages with Varnish enabled

I’m experiencing high Time to First Byte (~2.5 seconds) on product detail pages
in Magento 2.4.6, despite having Varnish 6.0 configured.

Environment:

  • Magento 2.4.6-p3
  • Nginx 1.24 + PHP-FPM 8.2
  • Varnish 6.0 with default Magento VCL
  • Redis for sessions and cache
  • Dedicated server: 16GB RAM, 8 cores

What I’ve tried:

  • Verified Varnish is caching (X-Magento-Cache hits)
  • Checked slow query log – no queries over 1s
  • Disabled all third-party modules – no change
  • Enabled production mode

The issue persists only on product pages. Category pages load in 400ms.
What diagnostic steps should I take next?