HELP. Premiere Pro CRASHING Computer

Premiere Pro CC 2020 Crashing NEW iMac 2020

Symptoms:
Premiere Pro makes computer completely unresponsive, often causing kernel panic and system reboot.

Computer Specs:
iMac 27” 2020 (newest)
3.8GHz 8-core I&
64GB 2667MHz RAM
AMD Radeon Pro 5700 XT 16GB
OS: MacOS 10.15.7 (Up to date)
Premiere Pro version: 14.4 (up to date)
RAM allocated for Premiere: 32GB
Project+Media on external 1TB Sandisk Extreme SSD

Troubleshooting (in between every system crash!)
- Restarted computer, PRAM Reset
- Disk Utility Check Disk
- Disconnect other peripherals
- Quit all background apps
- Uninstalled Premiere+Preferences, Restarted & Reinstalled
- Removed all plugins/extensions
- Reset Plugin Cache and Preferences
- Cleared Media Cache & Media Cache Files
- Tried Multiple Projects, New Projects
- Tried rolling back to 14.3.2
- Returned to 14.4