Extremely slow playback and exporting with new pc and AE 2023

I just finished building my new editing/gaming machine and installed everything last night.

I opened an after effects project that I had already started and the ram previews were crawling and the exports were going to take hours. Literally it would take 1 minute to process a single frame. For previewing the timeline, I found it faster to scrub through really quick and make it "turn green" and then hit spacebar (literally in seconds just whipping the playhead around). If I only hit 0 or spacebar (as I always have and never had an issue), the preview again would crawl.

I've tried turning off multicore rendering, tried software only, made sure RAM is allocated right but nothing changed this. Premiere hasn't been an issue with playback.

I've been looking at task manager and can see the CPU only being used anywhere from 10-30%, in after effects the ram being used is 3%(!!!!!) while exporting but in task manager the ram says ~55/64gb available. Clearing the ram before rendering doesn't change this. Also tried media encoder for the exports but it was the same thing.

I've made sure the pc is in performance mode under power and all drivers are up to date since this is brand new. I am using the game ready drivers and not the studio drivers, but this has also never been an issue.

My machine is the i9-13900K, 64gb of ram, nvidia 4090 and I'm using Windows 11. I have a separate M.2 for cache, software and the project assets.
The footage is raw RED files but again Premiere has no issues with playback.

I'm at my wits end here so I'm hoping I'm just overlooking something that will relieve my pain. Hoping someone can help. Thanks!