ChangeTags::getChangeTagList takes several tenths of a second on wikis with many tags (observed 0.5s on cswiki), and increases waiting time on Special:RecentChanges, Special:Contributions, etc., even though the contents of the dropdown menu rarely change.
Internally, ChangeTags::getChangeTagList calls ChangeTags::getChangeTagListSummary, which already uses the WAN cache. But then it follows on with doing up to two wikitext parses for the label and description of each tag (for most tags).
Original proposal:
We should investigate the splitting criteria and put it behind a cache.