diff --git a/kernel/sched/psi.c b/kernel/sched/psi.c
index 3907a6b847aa..ee3c5b48622f 100644
--- a/kernel/sched/psi.c
+++ b/kernel/sched/psi.c
@@ -840,20 +840,35 @@ void psi_task_switch(struct task_struct *prev, struct task_struct *next,
 		}
 	}
 
-	/*
-	 * If this is a voluntary sleep, dequeue will have taken care
-	 * of the outgoing TSK_ONCPU alongside TSK_RUNNING already. We
-	 * only need to deal with it during preemption.
-	 */
-	if (sleep)
-		return;
-
 	if (prev->pid) {
-		psi_flags_change(prev, TSK_ONCPU, 0);
+		int clear = TSK_ONCPU, set = 0;
+
+		/*
+		 * When we're going to sleep, psi_dequeue() lets us handle
+		 * TSK_RUNNING and TSK_IOWAIT here, where we can combine it
+		 * with TSK_ONCPU and save walking common ancestors twice.
+		 */
+		if (sleep) {
+			clear |= TSK_RUNNING;
+			if (prev->in_iowait)
+				set |= TSK_IOWAIT;
+		}
+
+		psi_flags_change(prev, clear, set);
 
 		iter = NULL;
 		while ((group = iterate_groups(prev, &iter)) && group != common)
-			psi_group_change(group, cpu, TSK_ONCPU, 0, true);
+			psi_group_change(group, cpu, clear, set, true);
+
+		/*
+		 * TSK_ONCPU is handled up to the common ancestor. If we're tasked
+		 * with dequeuing too, finish that for the rest of the hierarchy.
+		 */
+		if (sleep) {
+			clear &= ~TSK_ONCPU;
+			for (; group; group = iterate_groups(prev, &iter))
+				psi_group_change(group, cpu, clear, set, true);
+		}
 	}
 }
 
diff --git a/kernel/sched/stats.h b/kernel/sched/stats.h
index 9e4e67a94731..dc218e9f4558 100644
--- a/kernel/sched/stats.h
+++ b/kernel/sched/stats.h
@@ -84,28 +84,24 @@ static inline void psi_enqueue(struct task_struct *p, bool wakeup)
 
 static inline void psi_dequeue(struct task_struct *p, bool sleep)
 {
-	int clear = TSK_RUNNING, set = 0;
+	int clear = TSK_RUNNING;
 
 	if (static_branch_likely(&psi_disabled))
 		return;
 
-	if (!sleep) {
-		if (p->in_memstall)
-			clear |= TSK_MEMSTALL;
-	} else {
-		/*
-		 * When a task sleeps, schedule() dequeues it before
-		 * switching to the next one. Merge the clearing of
-		 * TSK_RUNNING and TSK_ONCPU to save an unnecessary
-		 * psi_task_change() call in psi_sched_switch().
-		 */
-		clear |= TSK_ONCPU;
+	/*
+	 * A voluntary sleep is a dequeue followed by a task switch. To
+	 * avoid walking all ancestors twice, psi_task_switch() handles
+	 * TSK_RUNNING and TSK_IOWAIT for us when it moves TSK_ONCPU.
+	 * Do nothing here.
+	 */
+	if (sleep)
+		return;
 
-		if (p->in_iowait)
-			set |= TSK_IOWAIT;
-	}
+	if (p->in_memstall)
+		clear |= TSK_MEMSTALL;
 
-	psi_task_change(p, clear, set);
+	psi_task_change(p, clear, 0);
 }
 
 static inline void psi_ttwu_dequeue(struct task_struct *p)