AE 23.1.0 Poor Performance. Timeline/Keyframe lag.

I recently updated to 23.1.0 and just thought that the awful performance was because my project was getting pretty heavy with a few hundred layers (which AE has always suffered from, because pre-comping everything is not the solution and we still don't have layer groups/folders..)

But.. I've just cleared my cache, created a new project and already I can see there is an issue, I don't even have any layers in this new comp and the timeline indicator lags behind my mouse pointer when I move it.

If I create a simple new layer (white solid) and set a couple of keyframes, when I drag one of the keyframes left or right it massively lags behind my pointer, and is very steppy.

Moving a layers position along the timeline or adjusting its start/end position is also the same, in fact it's so delayed that things get 'stuck' to my pointer and behave as though I have not released left mouse button, and thus end up where I dont want them.

I have cleared my cache, updated windows, tried the latest NVIDIA drivers (standard and studio), tried switching between CUDA and software.. all to no avail.

OS: Windows 10 Pro 22H2

BOARD: ASUS X299-E
CPU: i9-7940X
RAM: Corsair 64GB (4x16) DDR4

OS DISK: Samsung 970 PRO 1TB

SCRATCH DISK: Samsung 970 PRO 2TB

GPU: ASUS GTX 1080Ti (Driver: 528.02)

DISPLAYS: 2 x 27" 4K @ 150% Scaling