Thanks for your response @HenningAndersen. Yes we are using the bundled OpenJDK 12 that comes with ES 7.2.0. I read in another thread that some users are experiencing issues with ES 7.2 while using OpenJDK 12 and G1GC.
It looks like zero-based compressed OOPs are enabled:
$ JAVA_HOME=$ES_HOME/jdk java -Xmx33285996544 -XX:+PrintFlagsFinal 2> /dev/null | grep UseCompressedOops
bool UseCompressedOops := true {lp64_product}
I'll enable gc logging and get back to you shortly here.