Thanks for the reply.
I was able to reproduce the same issue with a fresh installation of Firefox (and enabling Firefox sync).
So I decided to re-enable all extensions one by one until the problem reappeared.
I found that Firefox Translations by Mozilla (https://addons.mozilla.org/en-US/firefox/addon/firefox-translations/) and 1Password used at the same time caused the issue. Both needs to be enabled, so there is some incompatibility between them. About 80% of the time, 1P extension just blocks every page and consume all CPU. Only killing the Firefox extension process a few times unstuck it.
My guess (I'm a dev) is that there are some race conditions which create an infinite loop within the getItem of 1P.
Since I don't actually use Firefox Translations I just removed it, and I didn't face any blocking since then.