I think I have an idea what's causing this. In Dolphin there is an option for 'Do not create previews for local files above :'. I had this set to 25MB, so as to get previews of my Nikon RAW (NEF) files. I've now set this to 8MB and am no longer noticing the behaviour I described above. I do still see kio_thumbnail use a lot of CPU when I open a directory, but it quickly drops back down again, and also it stops if I close the Dolphin window. This was not the case when I had the limit set to 25MB.
I think I have an idea what's causing this. In Dolphin there is an option for 'Do not create previews for local files above :'. I had this set to 25MB, so as to get previews of my Nikon RAW (NEF) files. I've now set this to 8MB and am no longer noticing the behaviour I described above. I do still see kio_thumbnail use a lot of CPU when I open a directory, but it quickly drops back down again, and also it stops if I close the Dolphin window. This was not the case when I had the limit set to 25MB.