Spinning beach ball when creating multi-track project

Just started having an issue with Audtion 2025 (25.0.0.47) where when I create a new multi-track project (nothing else open), I get a spinning beach ball for a minute or two before it eventually opens as normal.

Saving the empty project file takes a literal 60 seconds. There is also a 10-20 second pause when hitting record.

This is on a Mac Studio running Sonoma 14.7.2 with 32 gb ram and using a Focusrite Scarlett 18|20 interface.