Axlsx performance reduction after rails 5.2 upgrade

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I was using axlsx to create a workbook , stream and write to a downloadable xlsx file with rails 4.2. It used to take less than 60 seconds to create a downloadable xlsx file with 40,000 records, along with currency and date formatting. After upgrade to rails 5.2 , no more than 10,000 records can be added under 60 seconds. Also adding gem 'rails' and gem 'axlsx_rails' in the gem file and doing bundle leads to installation of rails 5.1.5. When I specifically mention rails 5.2, I get

axlsx_rails was resolved to 0.5.2, which depends on
actionpack (>= 3.1) was resolved to 5.1.5, which depends on

  actionview (= 5.1.5)
rails (~> 5.2.2) was resolved to 5.2.3.rc1, which depends on
actionview (= 5.2.3.rc1)

Does this mean axlsx isn't properly supported with rails 5.2 and hence a performance reduction?

EDIT
gem 'rails', '~>5.2.2'
gem 'axlsx_rails'

The above gems now install fine. The performance decrease is still very noticeable. The total time includes call to db, parsing, excel creation and sending for download out of which xlsx_package.to_stream.read
takes much longer than it used to with rails 4.2

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