I need s help in configuring Hardware for premiere pro

Hello, Premiere Pro community,

I'm currently using Premiere Pro on a new laptop with an Intel i7 12th gen processor, Nvidia 3070 graphics card, and 16 GB RAM. Despite the upgraded hardware, I'm experiencing performance issues, such as sticking during simple editing tasks like adding text or moving videos. I'm unsure how to optimize the settings properly. Can someone suggest optimal settings or solutions to improve performance?

Thank you!