This seems to be an instance of rust-lang/rust#54540 which apparently has gotten worse due to rust-lang/rust#75443 (which has been on nightly since 2020-08-14 and is now also a part of 1.46.0-beta.5. There seems to be an interaction with tracing, described in tokio-rs/tracing#616.
First noticed in CI, for example https://github.com/djc/quinn/pull/837/checks?check_run_id=1017422950.