Lagging timeline interface and lagging of mouse and keyboard input

In Windows 10, Premiere Pro 24, all actions including, but not limited to, moving clips in the timeline, ripple trim, changing the length of a clip and moving the playhead to a different part of the timeline had 5-10 second delays with a spinning circle freeze.

The problem persisted after downgrading to 23.6

The problem went away entirely after downgrading to 23.5