Super Slow Rendering, Rendering uses CPU instead of GPU. All settings checked correctly.

I upgraded my PC, bought RTX 3080, Ryzen 5000 series processor but premiere pro use CPU to render the files, It is taking alot of time than I imagined before upgrading my PC. I have checked all the available option and tips, tricks but GPU usage doesn't go up more than 2-3% or stays idle at 0% but while exporting sometimes GPU crosses upto 50% as well. It means, my GPU is working fine while exporting, I just have a problem while rendering the files. Any help would be appreciated. PS I am on the latest version of premire pro. Thank You!