We are working on LCP improvements to apply for Built for Shopify status.
We noticed there is some delayed period for LCP after we push an update.
Both times after the most recent updates, the LCP goes up the next day. But then seems to go back down.
Not sure why that would occur.
If your releases create unique urls for assets (js, images, css) the spike might be due to your users having to fetch everything from the server instead of browser cache. Once their caches primed again lcp will go down.