If you haven't already done so, then toggle Bluetooth off then on in System Settings > Bluetooth, and restart your Mac.

Bluetooth settings on Mac - Apple Support
Use the following troubleshooting steps to fix the trackpad lagging:
Cycle Power while Tethered
Many users find that forcing the trackpad to re-register its connection parameters solves the latency.
- Locate the physical slider power switch on the back edge of your Magic Trackpad 2 and turn it off.
- Connect the trackpad directly to your Mac using its Lightning-to-USB cable.
- Turn the trackpad back on while it remains plugged in.
- Use it tethered for a minute or two to let macOS stabilize the connection, then disconnect the cable.
Kill the Bluetooth Background Daemon
If macOS macOS 27.0 Golden Gate is mismanaging the wireless stack, you can force the Bluetooth process to restart fresh without needing to reboot your entire computer.
- Press Command + Space to open Spotlight, type Activity Monitor, and press Enter.
- In the top-right search bar of Activity Monitor, type bluetoothd.
- Select the bluetoothd process from the list, click the Stop (X) button in the top toolbar, and select Force Quit.
- The system will instantly restart the daemon, which usually clears memory-linked cursor stuttering.
Clear Corrupted Bluetooth Property Lists
During OS updates, old configuration caches can conflict with new system files. Deleting these files forces macOS to generate clean ones.
- Open Finder, press Command + Shift + G to bring up the "Go to Folder" prompt.
- Paste the following path and press Enter: /Library/Preferences/
- Look for a file named com.apple.Bluetooth.plist.
- Move this file to the Trash and empty it.
- Restart your Mac to apply the changes.
Check for Third-Party Tool Conflicts
If you utilize any third-party background software to alter gestures or mouse behavior (such as BetterTouchTool, Mac Mouse Fix, or Logitech Options), disable or update them. Major OS upgrades frequently break the deep system accessibility hooks these apps rely on, inadvertently logging massive input delays until the developers publish a compatibility patch.
I typically use a Magic Trackpad USB-C (and a Magic Mouse USB-C) with my Macs in clamshell mode, but I do have a Magic Trackpad 2 that I also paired temporarily. No lagging for me on Golden Gate with either trackpad.