Add the following text to your Appdata/Local/Chant/Saved/Config/WindowsNoEditor/Engine.ini file to hopefully reduce the Unreal Engine 4 shader compilation stutters in The Chant. Your mileage may vary but it massively reduced stutters for me:

[SystemSettings]
r.MaxAnisotropy=16
r.SSS.HalfRes=0
r.SSR.HalfRes=0
r.TemporalAACurrentFrameWeight=0.05
r.TemporalAAsamples=32
r.TemporalAASharpness=1.4
r.TemporalAADynamicSharpen=1.8
r.PostProcessAAQuality=6
r.TemporalAACatmullRom=1
r.tonemapperfilm=1
r.Tonemapper.Quality=5
r.Tonemapper.Sharpen=1.6
r.MSAA.CompositingSampleCount=0
r.FastBlurThreshold=0
r.MotionBlurQuality=0
r.MotionBlur.Amount=0
r.MotionBlurSeparable=0
r.DepthOfFieldQuality=0
r.DepthOfField.FarBlur=0
r.DefaultFeature.MotionBlur=0
r.SceneColorFringe.Max=0
r.SceneColorFringeQuality=0
r.MotionBlur.Max=0
r.BloomQuality=5
r.ParticleLightQuality=3
r.RefractionQuality=3
r.RefractionQuality=5
r.HighQualityLightMaps=1
r.TrueSkyQuality=1
r.SkyLightingQuality=1
r.SceneColorFormat=4
r.EyeAdaptationQuality=3
r.FastVRam.EyeAdaptation=1
r.LightFunctionQuality=3
r.Emitter.FastPoolEnable=1
r.VolumetricFog.Jitter=1
r.VolumetricFog.InjectShadowedLightsSeparately=1
r.VolumetricFog.InverseSquaredLightDistanceBiasScale=1.000000
r.VolumetricFog.LightFunctionSupersampleScale=2.000000
r.NGX.DLSS.Sharpness=0.3
r.TriangleOrderOptimization=1
r.Shaders.Optimize=1
r.OptimizeForUAVPerformance=1
r.AOAsyncBuildQueue=1
r.AOComputeShaderNormalCalculation=1
r.VirtualTexture=1
r.FastVRam.BokehDOF=1
r.FastVRam.CircleDOF=1
r.FastVRam.CombineLUTs=1
r.FastVRam.Distortion=1
r.FastVRam.HZB=1
r.FastVRam.Histogram=1
r.FastVRam.SSR=1
r.FastVRam.ShadowPointLight=1
r.FastVRam.Tonemap=1
r.FastVRam.Upscale=1
r.DX11NVAfterMathEnabled=0
D3D12.PSO.DiskCache=1
D3D12.PSO.DriverOptimizedDiskCache=1
D3D11.AFRSyncTemporalResources=1
D3D11.AFRUseFramePacing=1
D3D11.AdjustTexturePoolSizeBasedOnBudget=1
D3D11.AsyncDeferredDeletion=1
D3D11.ForceThirtyHz=0
D3D11.InsertOuterOcclusionQuery=1
D3D11.ResidencyManagement=1
D3D11.StablePowerState=0
D3D11.SyncWithDWM=1
D3D11.TexturePoolOnlyAccountStreamableTexture=1
D3D11.UseUpdateTexture3DComputeShader=1
d3d11.ZeroBufferSizeInMB=32
D3D12.AFRSyncTemporalResources=1
D3D12.AFRUseFramePacing=1
D3D12.AsyncDeferredDeletion=1
D3D12.ForceThirtyHz=0
D3D12.InsertOuterOcclusionQuery=1
D3D12.ResidencyManagement=1
D3D12.ResidencyManagement=1
D3D12.StablePowerState=0
D3D12.StablePowerState=0
D3D12.SyncWithDWM=1
D3D12.SyncWithDWM=1
D3D12.TexturePoolOnlyAccountStreamableTexture=1
D3D12.UseUpdateTexture3DComputeShader=1
D3D12.UseUpdateTexture3DComputeShader=0
D3D12.ZeroBufferSizeInMB=32
D3D12.ZeroBufferSizeInMB=128
D3D12.MaximumFrameLatency=0
r.ShaderPipelineCache.PreOptimizeEnabled=1
r.ShaderPipelineCache.SaveUserCache=1
r.ShaderPipelines=1
r.Shaders.ZeroInitialise=1
r.Shadow.CachePreshadow=1
r.Shadow.CacheWPOPrimitives=1
r.SceneRenderTargetResizeMethod=2
r.SceneRenderTargetResizeMethodForceOverride=1
r.ShaderComplexity.CacheShaders=1
r.ShaderPipelineCache.StartupMode=3
r.ShaderPipelineCache.Enabled=1
r.ShaderPipelineCache.LogPSO=1
r.ShaderPipelineCache.SaveBoundPSOLog=1
r.ShaderPipelineCache.ReportPSO=1
r.ShaderPipelineCache.GameFileMaskEnabled=1
r.ShaderPipelineCache.LazyLoadShadersWhenPSOCacheIsPresent=1
r.ShaderPipelineCache.BatchSize=10
r.Vulkan.PipelineCacheFromShaderPipelineCache=1
r.D3D.ForceDXC=1
r.GTSyncType=1
niagara.CreateShadersOnLoad=1
r.ShaderPipelineCache.AlwaysGenerateOSCache=0
r.XGEShaderCompile=1
r.XGEShaderCompile.Mode=1
r.XGEShaderCompile.Xml.BatchGroupSize=256
r.XGEShaderCompile.Xml.BatchSize=16
r.XGEShaderCompile.Xml.JobTimeout=0.500000
r.RHICmdAsyncRHIThreadDispatch=1
r.RHICmdBalanceParallelLists=2
r.RHICmdBalanceTranslatesAfterTasks=1
r.RHICmdBasePassDeferredContexts=1
r.RHICmdCollectRHIThreadStatsFromHighLevel=0
r.RHICmdDeferSkeletalLockAndFillToRHIThread=1
r.RHICmdPrePassDeferredContexts=1
r.RHICmdShadowDeferredContexts=1
r.RHICmdSpewParallelListBalance=0
r.RHICmdTranslucencyPassDeferredContexts=1
r.RHICmdUseDeferredContexts=1
r.RHICmdUseParallelAlgorithms=1
r.RHICmdVelocityPassDeferredContexts=1
r.RHICmdUseThread=1
r.RHICmdWidth=12
r.ParallelRendering=1
r.ParallelShadows=1
r.ParallelTranslucency=1
r.ParallelVelocity=1
r.SkeletalMeshLODBias=-2
r.CreateShadersOnLoad=1
r.HZBOcclusion=0
r.AllowOcclusionQueries=1

[/script/engine.engine]
FrameRateLimit=0.000000
bEnableMouseSmoothing=False
r.OneFrameThreadLag=0
bAllowMultiThreadedShaderCompile=true

[ConsoleVariables]
AllowAsyncRenderThreadUpdates=1
AllowAsyncRenderThreadUpdates=1
AllowAsyncRenderThreadUpdatesDuringGamethreadUpdates=1
AllowAsyncRenderThreadUpdatesDuringGamethreadUpdates=1
AllowAsyncRenderThreadUpdatesEditor=1
AllowAsyncRenderThreadUpdatesEditor=1
s.AsyncLoadingThreadEnabled=True

[TextureStreaming]
r.Streaming.Boost=1
r.Streaming.FullyLoadUsedTextures=1
r.Streaming.HLODStrategy=2
r.bForceCPUAccessToGPUSkinVerts=True
r.Streaming.FramesForFullUpdate=1
r.Streaming.UseBackgroundThreadPool=1
r.Cache.UpdateEveryFrame=1
r.Streaming.DropMips=0
r.Streaming.LimitPoolSizeToVRAM=0
r.Streaming.MaxTempMemoryAllowed=1024
r.Streaming.MinMipForSplitRequest=0
r.Streaming.HiddenPrimitiveScale=1
r.DetailMode=3
r.LODFadeTime=0.2
r.Streaming.MipBias=0
r.Streaming.UseAllMips=1
r.Streaming.UseMaterialData=1
r.Streaming.UseNewMetrics=1
r.Streaming.UsePerTextureBias=1
r.Shaders.Optimize=1
r.Shaders.FastMath=1
r.UseShaderCaching=1
r.UseShaderPredraw=1
FX.AllowGPUParticles=1
FX.AllowAsyncTick=1
FX.EarlyScheduleAsync=1
r.ForceAllCoresForShaderCompiling=1
FX.BatchAsync=1
FX.BatchAsyncBatchSize=1
r.Emitter.FastPoolEnable=1
FX.AllowGPUSorting=1
FX.AllowCulling=0
GeometryCache.InterpolateFrames=1
GeometryCache.OffloadUpdate=1
r.UseAsyncShaderPrecompilation=1
r.AmbientOcclusion.AsyncComputeBudget=1
r.HZB.BuildUseCompute=1
r.MultithreadedLightmapEncode=1
r.MultithreadedShadowmapEncode=1
r.RDG.AsyncCompute=1
RHI.MaximumFrameLatency=3
r.TargetPrecompileFrameTime=2.00
r.PredrawBatchTime=13
r.AccelPredrawBatchTime=0
r.AccelTargetPrecompileFrameTime=0
r.Streaming.DefragDynamicBounds=1
s.AsyncLoadingThreadEnabled=True
s.AsyncLoadingThreadEnabled=1
r.Streaming.PoolSize=0
r.VirtualTextures=1
r.Streaming.AmortizeCPUToGPUCopy=1
r.Streaming.MaxNumTexturesToStreamPerFrame=3
r.Streaming.NumStaticComponentsProcessedPerFrame=3
s.AsyncLoadingTimeLimit=2.0
s.LevelStreamingActorsUpdateTimeLimit=1.00
s.UnregisterComponentsTimeLimit=0.00
s.AsyncLoadingUseFullTimeLimit=0
s.ContinuouslyIncrementalGCWhileLevelsPendingPurge=1
s.PriorityAsyncLoadingExtraTime=10.00
s.IoDispatcherCacheSizeMB=2048
s.LevelStreamingComponentsRegistrationGranularity=1
s.LevelStreamingComponentsUnregistrationGranularity=1
s.MaxIncomingRequestsToStall=100
s.MaxReadyRequestsToStallMB=0
s.MinBulkDataSizeForAsyncLoading=1000