No, this has to do with Microsoft's new driver in KB3140743. UNinstall this KB and then block it from downloading. Voila.
https://www.reddit.com/r/Windows10/comments/48pae4/random_mouse_lagging_and_beeping/
To block it from installing again:
https://support.microsoft.com/en-us/kb/3073930
It looks like KB3140743 was a cumulative update; they're on KB3140768 now. Should I still block the latter? I'm not sure if they already managed to fix this since it was just posted today.
Edit - KB3140768 still contains the bug, make sure to block that update after uninstalling KB3140743 (or KB3140768 if you already have that installed).
Thanks for the heads up guys. Ran into this issue with my Steam controller(I guess it's an xinput issue), but then I didn't see KB3140743 on the list of updates I could block until I saw Wallach's post and noticed it got rolled into a different update.