And I just have a lenovo laptop which has the same wifi card as yours
(8086:2723), I boot the 5.4.0-42 kernel and use the in-tree iwlwifi
driver + iwlwifi-cc-a0-48.ucode firmware, the network works normally.

So I suggest you temporarily uninstall the iwlwifi dkms and do a test.

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https://bugs.launchpad.net/bugs/1892163

Title:
  Major networking regression linux-image-5.4.0-42-generic

Status in linux package in Ubuntu:
  Incomplete
Status in linux source package in Focal:
  Incomplete

Bug description:
  When booting into linux-image-5.4.0-42-generic networking grinds to a
  halt. It is 10000x times slower than usual.

  Selecting an older kernel like linux-image-5.3.0-62-generic makes
  networking normal again.

  Description:  Ubuntu 18.04.4 LTS
  Release:      18.04

  ProblemType: Bug
  DistroRelease: Ubuntu 18.04
  Package: linux-image-5.4.0-42-generic 5.4.0-42.46~18.04.1
  ProcVersionSignature: Ubuntu 5.3.0-62.56~18.04.1-generic 5.3.18
  Uname: Linux 5.3.0-62-generic x86_64
  ApportVersion: 2.20.9-0ubuntu7.16
  Architecture: amd64
  Date: Wed Aug 19 11:11:51 2020
  InstallationDate: Installed on 2019-11-19 (273 days ago)
  InstallationMedia: Ubuntu 18.04.3 LTS "Bionic Beaver" - Release amd64 
(20190805)
  SourcePackage: linux-signed-hwe-5.4
  UpgradeStatus: No upgrade log present (probably fresh install)

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