(PLEASE help) Premiere Pro taking hours to render 3 minute 1080p 60fps video

This issue has made premiere pro unusable. I recently installed it and both of my projects so far have had MAJOR performance issues

I have been working on 1920x1080p 120fps source clips which I am exporting in 1920x1080 at 60fps. Without any effects, The video playback is fine and barely buffers (specs below), but as soon as I add any effects (gaussian blur, scale, speed ramping, color correction) the video playback becomes essentially useless as it shows only about 1 frame every 3-5 seconds. Exporting this 2.5 minute project took 4 hours, causing unnecesary stress on my cpu for an extended period of time. I had to undervolt it to prevent overheating. I have looked up this issue before and found nothing that worked as a fix. Most of what I have found is "your specs aren't great, but you can do this to make it a little bit better." Every other editing software works perfectly smoothly, as it should. For those unfarmiliar with the Ryzen 5 3600, it gets VERY similar video editing and rendering performance to the i7 9700k, which by NO means should be struggling under very basic circumstances.

Exporting in H.264 and quicktime, with the same exporting time.

And yes, the export did take 4 hours. 4:36 to be exact. The estimated time was not just a miscalculation. Any help is very much appreciated. I really want to be able to use this software (and after effects, which I have not tried out much yet but when I imported my Premiere project into it it was just as laggy), I'm really hoping for someone to come through with a miracle solution here with some setting I missed or messed up. 

Relevant Specs:

cpu: AMD Ryzen 5 3600

gpu: Radeon RX 5700 XT

ram: 16gb DDR4 3600mHz 

ssd: 500gb m.2 NVME (Crucial P1)