Select statements that are in execution during database CPU utilization peak times - projects table

After investigating spikes over 70% of CPU usage on the database here:

Link to reports/investigations

we find out this statement being executed thousands of times:

Query
SELECT "projects".* FROM "projects" WHERE "projects"."id" = $1 LIMIT $2

QueryId: -1204356417117018042 73367110635711796

This query is being executed from 500 to 1500 times a second:

Could be possible creating or improving our caching on those tables? Could we have a unified cache to query, and when we execute updates on it, we could refresh the cache?

Metrics

Collected from https://gitlab.com/gitlab-com/gl-infra/infrastructure/-/snippets/2047044

Metric	Measurement
Total number of calls	747,631 377.44/sec 1.00/call 3.52%
% of Total time	2.25%
TPS
Duration	33,175.60 ms 16.749 ms/sec 0.044 ms/call