Terrible performance in Premiere 2020 on new Mac Pro 2019

Really awful performance on my brand new Mac Pro 2019, worse than my 2013 trashcan Mac Pro. Working on a project that at the moment is all offline proxy stock footage clips that are 720p and below MP4s, so really lightweight stuff that shouldn’t be giving me problems like this. I have my scratch disks and media set to my internal OWC Accelsior 4TB NVMe SSD, which is super fast.

I scrub in the source monitor and it skips frames and takes forever to update the current frame to the playhead. When I slide clips, it takes seconds before I start to see frames changing. There’s latency when I start playback, taking 2-5 seconds after hitting play. Even just working with audio only in a sequence, it will lag when I start playback and often when I stop playback the playhead will just freeze and audio will continue playing for several seconds. There’s lag when trying to open bins. Hoverscrubbing thumbnails takes about 2 seconds to update. Playback will also just sometimes stop randomly without any input from me. Scrubbing in timeline and any of the monitors there’s latency and tons of dropped frames. Even just dragging clips around in the timeline there’s a lag.

Pretty much everything that requires user input or playback there’s latency and dropped frames and just weird behavior. Since the specs of this machine are definitely up to the task of working with 720p video, and the fact that I’ve never had performance this bad on past machines and it seems to be a global performance deficit in all regards (FCPX also runs flawlessly), what is it about Premiere 2020 that’s causing this?

Specs on the comp:

Brand new installs of everything

Premiere Pro v14.0.4

Mac Pro 2019 24-core 2.7 GHz

256 GB RAM

AMD Radeon Pro Vega II Duo 32GB x 2