My Premiere Pro is slow on my reasonable powerful Dell Workstation 5820. Please help. Thanks

I bought a powerful enough Dell Precision workstation 5820 with decent specification as follows so I could enjoy working fast with Premiere Pro. And to my disappointment! Premiere still slow when rendering filters as the compound filter will take 3 minutes to render on 1 minute 4K video clip And it will take three minutes to export a 4k clip of 1 minute? ? I know the compound filter is a huge filter! Is that normal with a PC spec like these? When I am rending the GPU utilization is high 85 %but the Processor utilization is low at 25% and memory utilization is low at 35%. Can someone please explain to me if that is normal!

My system spec are as follows:
Intel Core i9-10920X CPU @3.50GHz 12 core.
64 GB Ram
With Samsung Pro 1TB M.2 dedicated Hard Drive
ASUS Gefore RTX 3060 Ti 8GB Graphic card

And my preferences in premiere Pro is as follows:

Video Rendering and Play Back:  Mercury Playback engine CUDA
Scratch disk: Video Preview on very fast HD Samsung Pro 1TB M.2 dedicated Hard Drive. And Audio Preview the same. Media Cache Files directing to the same fast hard drive and Media Cashe Database is located on similar fast hard drive with 1tb free capacity.

Thank you