It probably is the meters. Even if the project is processing silence, REAPER needs to look at every sample that passes to know whether to show anything on the track meter.
(REAPER's meter calculation/drawing is highly optimized, but any time you need to look at every sample, it costs something. In a heavy benchmark/profiling project with several hundred tracks, the meters typically account for about 1/8 of the total CPU cost.)
If you are near the limit on CPU, hiding tracks in the TCP and mixer should get you some CPU back.
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