Premiere Pro 2024 is unbelievably slow

I don't know what has changed, but Premiere Pro 2024 and Media Encoder 2024 are just unbelievably slow compared to the previous versions. I was using the 2024 software yesterday and it was running fine. Today, it's laggy, unresponsive, and taking up almost 50 GB of system memory to run. I can't do anything in Premiere Pro without it going unresponsive. Any thoughts?