If you are using Elementor Custom Fonts (recommended), you need to add the solution below to fix the Pagespeed problem.

Add this code to your theme's functions.php:

add_filter( 'elementor_pro/custom_fonts/font_display', function( $current_value, $font_family, $data ) {
return 'swap';
}, 10, 3 );

If you are using WP Rocket, add the fonts in the Preload > Preload Fonts.

If your Elementor settings have 'Google Fonts > Enabled', make sure to set 'Google Fonts Load > Swap'.

If done right, there will be a new entry in the Google Pagespeed result under 'Passed Audits' which is 'All text remains visible during webfont loads'.

Left:

HOW to Fix this Problem - Ensure Text remains Visible during Webfont Load - Page Speed Insights
by Web Squadron
https://www.youtube.com/watch?v=muRg9ZkNCPA

https://mouat.co/elementor-pagespeed-insights-ensure-text-remains-visible-during-webfont-load/