I have had the same problem since January 2017 Relive driver. Not only lag but stuttering as well. The only decent drivers for Relive was 17.1.1. That driver would record lag and stutter free but relive stopped working in that driver recently. It would seem the only fix is to use an Nvidia card.
I just downloaded 17.10.3 version driver and recording (no instant replay, just recording) was working fine, 60fps, but i just tried osu!
If this doesnt work on like PUBG and etc. more HW sensitive games, i'll probably send it to complaint to CZC (local HW shop) if they findst out that it really isnt working, i'll probably try to get a refund and buy gtx 1060 6GB, i had GTX 960 2GB to now and it was working just fine, never had a single problem with it, just bad performace in new games :/
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Ok... so I actually kind of fixed it now. I decided to reinstall Windows sice after the new GPU my programs didnt work well. I deciced to go back to Windows 7, because iam not a Windows 10 fan and Windows 7 is more user-friendly to me. Now, In windows 7, everything is working fine now, even the Instant Replay.
Just... My card isn't friend with Windows 10