The only reasons i'd think the plasma would cause the slowdown is that there's an issue with clamped textures, as the plasma ball's a sprite with texture clamping as well as the impact splash. Maybe the ICD's doing a terrible uprez to compensate for a possible lack of clamping, and thus thrashing. Otherwise it doesn't do anything out of the ordinary than what the other weapons do. (except maybe the BFG)
Just theorizing here, I don't have any #9 hardware - but it is an intriguing snag regardless.
EDIT: as an experiment i've made a simple replacement shader/texture for the two clamped plasma effects to be different non-clamped versions using a completely new texture cobbled up quickly (which has a huge margin to effectively behave like a clamped texture). Extract to baseq3 and find out if it's any better

long live PCem
FUCK "AI". It is a tool of fascism. We do not need it. We do not use it.