Bug: Video playback is lagging, gets worse as I work

Issue During playback, the video is lagging and choppy. Sometimes in the main editing window the timeline head (line cursor, not sure what you call it) it will stutter or stop. Overall performance issue really.

Adobe Premiere Pro version number: 24.0.0
Operating system: Windows 10 Pro
System Info:

CPU: i9-10920x

GPU and Driver Version: RTX3080 Nvidia Studio Drive 537.58

RAM: 64GB

Hard Drive: 4TB & 2TB
Video format: Video Codec Type: MP4/MOV H.264 4:2:0
Workflow details: It is a typical workflow. I have gaming video, witha  face cam overtop and audio. I insert text, some imagery and overlay effects.
Steps to reproduce: I load Premiere up. Open the Project file. Wait for things to load. Press space bar. Thats it. The video starts to lag become choppy almost immediately.
Expected result: The video should play smooth; like it did a week or so ago.
Actual result: The video replay in Premiere lags and is choppy. The main timeline head is also an issue from time to time.

Additional Info: This only happened after I updated Premiere to 24. A week or so ago, everything was working fine. So whatever the issue is, it is Premiere and not my files. (been there done that with your chat tech support) I have also uninstalled and reinstalled older versions of Premiere resulting in the same issues.

PLEASE NOTE: Since my jaunt with your chat troubleshoot, I removed Premiere completely from my compter, any file or register or folder. Completely removed them all. Then reinstalled 24.0.0 and made sure my Nvidia driver was up to date as well. It helped about 15% if that. The play head in the timeline works much better but the play back is still really choppy. It almost seems to get worse as I work along. In fact sometimes I can hit play and it will play like it always does, but once I start to edit, stop, start, the lagging becomes apparent and it is near impossible to work with it.

Any help would be greatly appreciated, since I am getting none from Adobe directly.