One of the first things I’d recommend in troubleshooting this type of speed issues, would be ruling out the possibility of the slowdown being caused by other plugins.
Slowdowns like this can often be present because your server is running out of resources. So, it’s a possibility that there might be a plugin (or plugins) that is using up a lot of your server’s resources, causing the site to run slowly.
To verify this, you’ll want to temporarily switch your theme to Storefront. Then, disable all plugins on the site except for WooCommerce, and test for the issue. If the speed improves significantly, you’ll then have to re-enable features one by one, while testing for the issue; until you find out which one is causing this behavior.
We recommend that these steps are taken on a staging site, which is a clone of your live site that you can modify without risking making any permanent damage to your live site. You can create it using a plugin like WP-Staging: https://www.ads-software.com/plugins/wp-staging/
This plugin lets you copy and redeploy a WordPress site with minimal work.