Low Fps on URP on Android

I have created a URP scene with just a player capsule with a third person controller on it and canvas joysticks to control it on android.

There are no post-processing effects applied and I have set the Application.targetFrameRate to 60 in the script. The URP settings are :

Even with these low settings and such a minimal scene I am getting only 30 fps on Motorola Edge 20 Fusion, which has a Mediatek Dimensity 800U processor and Mali G57 GPU(pretty capable hardware in my opinion). The thing is I had made a previous game with much Higher settings and much more things than this one(Many VFX Effects and opaque shaders), and it run at stable 60fps on the same device.
I think it is a bug in URP, and I don't want to switch to unity's built-in render pipeline because it will be discontinued sometime in the future.
Please can anyone help me figure out what's going wrong in this particular scene/game.
Thanks