i7 7700 3.6 - GTX 1060 not using GPU for rendering with AME

I looked at your system's Task Manager. It sounds like you have a bottleneck in your system. You have a whopping 329 background processes going on in your system. For best performance, it should be less than 200 background processes.

All of those processes prevented your CPU from coming anywhere close to 100% utilization even if the job requires it. As a matter of fact, your CPU usage is capped at less than 40% because of all those background processes.

Another possibility is that the Red Giant effect that you applied might have been only single-threaded. In that case, then yes, it will take super-long even on a monster PC with (figuratively) a gazillion cores and high clock speeds.

In other words, your system needs tuning.

Not everything uses that... CUDA and other hardware acceleration
https://community.adobe.com/t5/premiere-pro/faq-all-about-hardware-encoding-in-premiere-pro-14-2/m-p/11150057/thread-id/272665?page=1
https://community.adobe.com/t5/premiere-pro/everything-you-need-to-know-about-gpu-in-premiere-pro/td-p/10751263
https://community.adobe.com/t5/Premiere-Pro/GPU-Rendering-Unavailable/td-p/10726745
Not on Mac https://community.adobe.com/t5/Premiere-Pro/Does-anyone-know-if-cuda-is-supported-in-the-latest-release-of/td-p/10715395

there's really not a bunch of effects applied except for one, the Red Giant COsmo II - but 60 hours for a 5 min video doesnt seem right, still.