but it is also worth noting that there is an increase in overall activity on the blockchain and possibly, there could be a shortage of computing power available to process transactions.
The problem can't be low network hash rate. The average block is now around 9.8 minutes and that means that the hash rate has increased since the last difficulty adjustment.
Also note that even if the network hash rate decreases significantly and blocks take bigger time to be mined, everything becomes normal again once we reach the next difficulty adjustment.
As mentioned many times in this thread and other threads, the network is congested due to transactions related to ordinals.