i guess this is because in PM5 you get much much higher framerates than in VPX?
if you do not use vsync, then everything depends on how fast you get from frame to frame (even if your display can not show as many FPS). The whole infrastructure in VP to handle keys, etc is coupled to the FPS you can have, so if you have in PM5 for example 240FPS, and in VPX only 60FPS, and your TV is also running at 60Hz, then VPX will feel a tiny bit more laggy than PM5, even though you are running at the full display rate.
Another thing is that the display driver might choose to buffer more frames, as our rendering pipeline now has much more stages (when you enable playfield reflections, bloom and dynamic AO). There you can play around with the 'maximum prerendered frames' setting and trying 0,1 or 2 as values.
Apart from that, there is no reason why PM5 should be less laggy than VPX, as there were no real changes to the inputs-code, etc.