Pausing the render? But not the physics so you keep falling? You need to pause many systems. At the very least you'd want to pause gameplay, and sound and physics. You'd want to keep input and some of the UI unpaused. If you have a fancy UI with VFX, you need to make sure those are not using the paused game time. etc etc
Repeat that for every system - all those edge cases for each system can waste a lot of time and energy.
P.s. And once you are done achieving the above, you can then make sure you haven’t caused performance issues :)
But yes, conceptually, it’s a relatively simple idea. The devil is always in the details.