Thank you for the help. It actually turned out to be Colourful ESO which I wasn't expecting. I think there might be some kind of a loop happening since it's randomizing the colors constantly.
In this clip I have started ESO with ONLY Colourful ESO and no other addons loaded. I run forwards and backwards a few times while pressing J to open my Quest Journal. As you can see, after a few times the quest title and description text are missing. Then every time opening and closing the journal takes longer and longer until it's almost unplayable. I'm not sure what might be causing this. Thank you.
https://youtu.be/bZF26vSx6Sg
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