raspberrypi

This sounds kind of marginal to me, since you want the timing to be steady to stop the display from looking weird. You are better off with something like a Pi Pico and you will want to write the code in C (or similar) instead of Python. At that point 100 hz even on the main cpu is not a big deal. The Pico also has special i/o processors (PIOs) that can do this kind of thing more precisely even at MHz speeds, but they are limited and a pain to program.

There is an Adafruit board to control LED Matrices from a Pi with hardware assistance if you want: https://www.adafruit.com/product/2345

It says the current version works only on the pi 4, not the 5, for whatever reason. They are working on a pi 5 version.