Intermittent failures when creating new libraries in modern SharePoint

I'm also seeing this in my tenant from multiple people using both Chrome and Edge and working with multiple sites/site collections.

The process to create is just the standard new library creation from site contents. The modal dialog box appears where you can enter the title, description, and select a sensitivity label. We don't have labels set up, so not sure if that's a factor since that dropdown wouldn't have any values to display. The dialog box will flash and resize on its own making it difficult to type into the boxes and proceed.

If I watch dev tools, there are requests and messages that display, and it quickly gets into the thousands and then the throttling error occurs and you can't get to SharePoint location for a while. 

You can see the behavior in the attached gif. If anyone has found a fix or can provide some troubleshooting guidance, it would be greatly appreciated!