Premiere Pro 23.5 TERRIBLY laggy with basic effects on a powerful PC

I don't know what is happening with Pr, but it gets laggy after every update.
Premiere 2023 23.5
A seqience with track 1 - a footage without any FX, track 2 - two sequencial nests with an animated standard Drop shadow effect on each, with the same video with a single mask inside each of them, Track 3 - an adjustment layer with a Transform effect animated by position and scale. That is all. The footage is a screencast taken in mov (3840 x 2160, h264, nothing extraterrastrial). The moment the timeline starts playing this part the video just stops. I can scrabble through and still see separate frames of the video. It stops in this part. After - it os fine, before - it's flawless. On this part it stops.
Tried flushing cache, tried prerendering - the timeline bar is YELLOW and it does not prerenders there. And the CUDA is always on.
Finally my specs: 13700, RTX4080, 64 Gigs of Ram at 5600, SSD at 7600\6800 speed.
What is wrong?
