Ok so of course we will actually further optimize this in future updates but for now:
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Easiest is if these lists are mostly completed items, that you don’t care to keep around. Scroll all the way to the bottom, and pull up to clear them away. Should be pretty snappy if this was the case after.
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If you want to keep these old lists, but pull out some items from them, this is possible. First create a fresh destination list. Then pick up an item from the long list, then tap with the other finger to pick up other items. Then, use the other hand to back out, and drop these items into another list.
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Finally after either of these steps, I would archive the long lists for now. So you have them but it’s not a minefield to tap and it chugs. (Can unarchive later after we have fixed this properly. Swipe left on the My Lists level to archive a list.)