Not sure if this is your problem or not, but there's a lot more work done in the auditing system in ASE 16 because ASE logs SQL text for every audited event (there's no way to turn this off). So check to see if there are a gazillion auditing entries for the operation inside the cursor loop.
Also, in certain circumstances, auditing operations in a cursor loop can use up procedure cache. So also check to see if your procedure cache is getting used up (sp_monitorconfig "procedure cache")
Good luck
Later edit: Oh, I guess the first thing to check is the query plan of the operation inside the cursor loop. I should've said that first.
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