diff --git a/packages/react-reconciler/src/ReactFiberCommitWork.js b/packages/react-reconciler/src/ReactFiberCommitWork.js
index b540929ce0352..1960a4707e244 100644
--- a/packages/react-reconciler/src/ReactFiberCommitWork.js
+++ b/packages/react-reconciler/src/ReactFiberCommitWork.js
@@ -55,6 +55,7 @@ import {
   enableLegacyHidden,
   enableHostSingletons,
   diffInCommitPhase,
+  alwaysThrottleRetries,
 } from 'shared/ReactFeatureFlags';
 import {
   FunctionComponent,
@@ -2905,17 +2906,35 @@ function commitMutationEffectsOnFiber(
       recursivelyTraverseMutationEffects(root, finishedWork, lanes);
       commitReconciliationEffects(finishedWork);
 
+      // TODO: We should mark a flag on the Suspense fiber itself, rather than
+      // relying on the Offscreen fiber having a flag also being marked. The
+      // reason is that this offscreen fiber might not be part of the work-in-
+      // progress tree! It could have been reused from a previous render. This
+      // doesn't lead to incorrect behavior because we don't rely on the flag
+      // check alone; we also compare the states explicitly below. But for
+      // modeling purposes, we _should_ be able to rely on the flag check alone.
+      // So this is a bit fragile.
+      //
+      // Also, all this logic could/should move to the passive phase so it
+      // doesn't block paint.
       const offscreenFiber: Fiber = (finishedWork.child: any);
-
       if (offscreenFiber.flags & Visibility) {
-        const newState: OffscreenState | null = offscreenFiber.memoizedState;
-        const isHidden = newState !== null;
-        if (isHidden) {
-          const wasHidden =
-            offscreenFiber.alternate !== null &&
-            offscreenFiber.alternate.memoizedState !== null;
-          if (!wasHidden) {
-            // TODO: Move to passive phase
+        // Throttle the appearance and disappearance of Suspense fallbacks.
+        const isShowingFallback =
+          (finishedWork.memoizedState: SuspenseState | null) !== null;
+        const wasShowingFallback =
+          current !== null &&
+          (current.memoizedState: SuspenseState | null) !== null;
+
+        if (alwaysThrottleRetries) {
+          if (isShowingFallback !== wasShowingFallback) {
+            // A fallback is either appearing or disappearing.
+            markCommitTimeOfFallback();
+          }
+        } else {
+          if (isShowingFallback && !wasShowingFallback) {
+            // Old behavior. Only mark when a fallback appears, not when
+            // it disappears.
             markCommitTimeOfFallback();
           }
         }
diff --git a/packages/react-reconciler/src/ReactFiberWorkLoop.js b/packages/react-reconciler/src/ReactFiberWorkLoop.js
index f0a0d4e228160..f6d1d7f7a5849 100644
--- a/packages/react-reconciler/src/ReactFiberWorkLoop.js
+++ b/packages/react-reconciler/src/ReactFiberWorkLoop.js
@@ -370,8 +370,10 @@ let workInProgressRootConcurrentErrors: Array<CapturedValue<mixed>> | null =
 let workInProgressRootRecoverableErrors: Array<CapturedValue<mixed>> | null =
   null;
 
-// The most recent time we committed a fallback. This lets us ensure a train
-// model where we don't commit new loading states in too quick succession.
+// The most recent time we either committed a fallback, or when a fallback was
+// filled in with the resolved UI. This lets us throttle the appearance of new
+// content as it streams in, to minimize jank.
+// TODO: Think of a better name for this variable?
 let globalMostRecentFallbackTime: number = 0;
 const FALLBACK_THROTTLE_MS: number = 500;
 
diff --git a/packages/react-reconciler/src/__tests__/ReactSuspenseWithNoopRenderer-test.js b/packages/react-reconciler/src/__tests__/ReactSuspenseWithNoopRenderer-test.js
index e6019ffd40583..fc1aa38708b8d 100644
--- a/packages/react-reconciler/src/__tests__/ReactSuspenseWithNoopRenderer-test.js
+++ b/packages/react-reconciler/src/__tests__/ReactSuspenseWithNoopRenderer-test.js
@@ -1811,6 +1811,102 @@ describe('ReactSuspenseWithNoopRenderer', () => {
     );
   });
 
+  // @gate enableLegacyCache
+  it('throttles content from appearing if a fallback was filled in recently', async () => {
+    function Foo() {
+      Scheduler.log('Foo');
+      return (
+        <>
+          <Suspense fallback={<Text text="Loading A..." />}>
+            <AsyncText text="A" />
+          </Suspense>
+          <Suspense fallback={<Text text="Loading B..." />}>
+            <AsyncText text="B" />
+          </Suspense>
+        </>
+      );
+    }
+
+    ReactNoop.render(<Foo />);
+    // Start rendering
+    await waitForAll([
+      'Foo',
+      'Suspend! [A]',
+      'Loading A...',
+      'Suspend! [B]',
+      'Loading B...',
+    ]);
+    expect(ReactNoop).toMatchRenderedOutput(
+      <>
+        <span prop="Loading A..." />
+        <span prop="Loading B..." />
+      </>,
+    );
+
+    // Resolve only A. B will still be loading.
+    await act(async () => {
+      await resolveText('A');
+
+      // If we didn't advance the time here, A would not commit; it would
+      // be throttled because the fallback would have appeared too recently.
+      Scheduler.unstable_advanceTime(10000);
+      jest.advanceTimersByTime(10000);
+      await waitForPaint(['A']);
+      expect(ReactNoop).toMatchRenderedOutput(
+        <>
+          <span prop="A" />
+          <span prop="Loading B..." />
+        </>,
+      );
+    });
+
+    // Advance by a small amount of time. For testing purposes, this is meant
+    // to be just under the throttling interval. It's a heurstic, though, so
+    // if we adjust the heuristic we might have to update this test, too.
+    Scheduler.unstable_advanceTime(400);
+    jest.advanceTimersByTime(400);
+
+    // Now resolve B.
+    await act(async () => {
+      await resolveText('B');
+      await waitForPaint(['B']);
+
+      if (gate(flags => flags.alwaysThrottleRetries)) {
+        // B should not commit yet. Even though it's been a long time since its
+        // fallback was shown, it hasn't been long since A appeared. So B's
+        // appearance is throttled to reduce jank.
+        expect(ReactNoop).toMatchRenderedOutput(
+          <>
+            <span prop="A" />
+            <span prop="Loading B..." />
+          </>,
+        );
+
+        // Advance time a little bit more. Now it commits because enough time
+        // has passed.
+        Scheduler.unstable_advanceTime(100);
+        jest.advanceTimersByTime(100);
+        await waitForAll([]);
+        expect(ReactNoop).toMatchRenderedOutput(
+          <>
+            <span prop="A" />
+            <span prop="B" />
+          </>,
+        );
+      } else {
+        // Old behavior, gated until this rolls out at Meta:
+        //
+        // B appears immediately, without being throttled.
+        expect(ReactNoop).toMatchRenderedOutput(
+          <>
+            <span prop="A" />
+            <span prop="B" />
+          </>,
+        );
+      }
+    });
+  });
+
   // TODO: flip to "warns" when this is implemented again.
   // @gate enableLegacyCache
   it('does not warn when a low priority update suspends inside a high priority update for functional components', async () => {