Media Encoder has slowed to a crawl, what happened? v.14.9(Build 48)

I've been using the Adobe Creative Suite for years and while Media Encoder has had its problems in the past with rendering times, I have never seen anything like this.

A 1080p, 60FPS, 1 Pass with only 48Khz Stereo is taking 3x the video length on an Intel 9900K system with a TITAN RTX graphics card. Something is very wrong with Media Encoder.

It's only using 10% of my GPU, 10% of my CPU and 33% of my memory at a very cool 56 Celcius.  None of those is a bottleneck to render time.  I'm not asking for help, I'm informing you that something in Adobe Media Encoder is broken. 

5m = 15m render time.

1hr= 3hr render time.

Fix it.