This demonstrates exactly why you should measure milliseconds per frame rather than frames per second. It actually isn't a catastrophic framerate drop, it's perfectly normal.
At 500 fps a frame takes 2 milliseconds to draw.
At 250 fps a frame takes 4 milliseconds to draw.
The cost of drawing your reflections is therefore (4 - 2) an additional 2 milliseconds, which is also equal to the cost of drawing a normal frame. That's expected behaviour and it just means that the cost of scene traversal, state changes and issuing draw calls is the same in both cases. There would be something wrong if it wasn't.
Getting no performance increase from switching to lower-resolution cubemaps just means that you're not bottlenecked by fillrate.