Substance Painter extremely slow / freezing on startup and during use after latest update (RTX 3070, Win, 16GB RAM)

Hi everyone,
For the past few weeks I've been having serious performance issues with Substance Painter, starting right after the latest updates.

• The app takes a very long time to open, and often gets stuck on the splash screen
• Once it does open, it's extremely slow and freezes, even with very light projects, not just heavy files
• Running the app as Administrator improves things slightly, but it's still noticeably slow overall

System specs:

• OS: Windows
• GPU: RTX 3070 TI (drivers updated at the latest version)
• RAM: 32GB
• Substance Painter: latest version

What I've already tried:

• Full uninstall and clean reinstall of Substance Painter
• Full uninstall and clean reinstall of Creative Cloud
• Clearing the cache
• Checking for GPU/overlay conflicts (Nvidia overlay, mouse software overlay) no change
• Running as Administrator (minor improvement, but issue persists)

Nothing has fully resolved it so far. Has anyone else run into this after the recent updates? Any suggestions on logs I should check, permissions to look at, or settings I should try would be really appreciated.

Thanks in advance!