I don’t know if this issue is general or only when you have some certain amount saved contacts. Initially I thought the issue was from iOS so I have to stop using iphone for status update. To my surprise the same issue occured on my Android phone too.
After posting a status your WhatsApp will automatically hang for some minutes before it start working normally again. I have been resolving the issue by closing and reopening WhatsApp again. It has been working for me for sometime now. But I thought on this new release of WhatsApp they were going to rectify that annoying issue but nothing was done about it.
I think WhatsApp team need take this issue serious and work on it.