Riot Games deployed a patch to Valorant recently with balance and a few other changes but an unintentional one came along as players saw major FPS drops in the game. The team confirmed they are close to releasing a fix for this.
Valorant prides itself for being able to run on toasters and have amazing frame rate even on low and mid-tier rigs, which is one of the reasons why it is excused for not looking as good as some AAA titles.
However, this advantage was cut when Riot deployed a hotfix, known as patch 0.47+, where Paul "Arkem" Chamberlain fiddled with a setting for VALORANT-Win64-Shipping.exe compiling. Due to Covid-19 disruption and a few other factors, Riot didn't get to properly test the change and QA was lacking.
Once the patch was deployed and FPS drops started, Riot started investigating and eventually pinpointed Arkem's change as the source of the issue. After the problem was found, it was only a matter of time when the fix would be deployed and now Arkem noted the next patch should bring it.
The update in question is 0.49 which is scheduled for 28 April 2020 and it should bring back the good old smooth performance. Besides that, the addition of ranked mode was already announced, and it would be a shame if it started off with FPS problems that could effectively ruin a player's performance.
Keep in mind that the update also brings changes to Vanguard anti-cheat and you will be able to uninstall or toggle it on or off when not playing Valorant. You will still need to reboot in order to play the game, provided you uninstalled turned it off.