Laggy "Wheel Of Death" with AE on Mac M1 Ultra

When I upgraded to the M1 Ultra Mac studio I thought all my problems with lagging, long render times, and slow workflow was over. But I am confused on why my computer is still having issues with After Effects, and I need HELP

Whenever I use AE, everything I do is laggy and it brings up the wheel of death whenever I drag a clip or try and press play (video attached below). I have some of the same issues in Premiere, but it is definitely worse in AE. I am not sure what to do, I have reset my settings, cleared my cache, etc. and I am still lost. I know this computer is a workhorse and can shred through insanely big projects if needed, so I am confused about why this isn't happening. Here are my computer specs and AE specs:

Apple M1 Ultra Mac Studio

Memory - 64GB 

Mac OS - Ventura 13.2.1

AE version 23.0.0

23% used of 64GB

Here is the video: vimeo.com/user22970483/