AE Preview Lag

Hey Guys!

I am fairly experienced with AE and have had no issues running the software with heavy effects and editing on my MacBook Pro before. I started a new project with footage taken the same day. What's strange is that my new project won't preview in real time. It is extremely laggy and basically plays a frame a second. This is just a raw 4k clip with the same fps settings as my composition. No effects, lumetri, text, or anything. Just a 7 second raw clip. It plays back perfectly and fast when I'm dragging my mouse and the bar is green, but the preview remains super slow.

I've cleared my memory and disk caches, made sure my RAM allowance is high, restarted the app, remade the comp and project again after deleting the project, uninstalled the app completely, and made sure my preview settings were matching. I can't figure out what the deal is. I've never had an issue before and can't find any tutorials or videos that fix my issue. The same clip plays perfectly in premeire pro.

Looking for help and any ideas,

Thanks!