Angle (Qt::AA_UseOpenGLES) much slower than previous version

Angle (Qt::AA_UseOpenGLES) on the new dynamic build is much slower than the previous implementation. To demonstrate this issue I modified the existing opengl cube example from the Qt package to draw 500 small balls and then measured the performance windows. The test app is attached.

5.4.0 beta dynamic
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• OpenGL Vendor: Google Inc.
• OpenGL Version: OpenGL ES 2.0 (ANGLE 2.1.abce76206141)
• OpenGL Renderer: ANGLE (Intel(R) HD Graphics 4600 Direct3D11 vs_5_0 ps_5_0)
• OpenGL Shading Language Version: OpenGL ES GLSL ES 1.00 (ANGLE 2.1.abce76206141)
  FPS = 11.811
  FPS = 12.1951
  FPS = 12.1495
  FPS = 12.1609
  FPS = 12.1382

5.3.2 Angle
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• OpenGL Vendor: Google Inc.
• OpenGL Version: OpenGL ES 2.0 (ANGLE 1.3.5bb7ec572d0a)
• OpenGL Renderer: ANGLE (Intel(R) HD Graphics 4600 Direct3D9Ex vs_3_0 ps_3_0)
• OpenGL Shading Language Version: OpenGL ES GLSL ES 1.00 (ANGLE 1.3.5bb7ec572d0a)
  FPS = 45.3649
  FPS = 47.384
  FPS = 47.1976
  FPS = 47.2441