I confirm.
The server is currently unplayable for everyone. It isn't because our CPUs/GPUs/RAM can't handle it; it's because of latency. People aren't crashing or even suffering FPS drops; they're suffering from 5000-6000 ms ping. I'm not even at the event itself and I have the same ping issue. Same for all of my guild, even if they're not at the event.
As it stands, the server can't handle the event. It was atrocious lag during the entire duration of the event. As soon as it ended, server went back to perfectly fine.