Timeline extremely choppy and slow while using PROXIES

Premiere Pro 2023 - Version 23.5.0

Mac OS Ventura 13.4.1 

iMac Retina 5K 2020 model

Processor: 3.8 GHz 8-Core Intel i7

Graphics: AMD Radeon Pro 5700 XT 16 GB

Memory: 40 GB

Trying to edit 4k footage from DJI drone. Created proxies using Medium quality (720p) in both ProRes and CineForm. I can't scrub on the timeline at all. Yellow bar above timeline. I can play the footage (after a 3 second lag) but it gets choppy and lags. Not able to edit at all. It's actually worse than turning the proxies off (although that is still too laggy to edit).

Things I've tried:

- Confirmed proxies are attached

- Deleted media cache

- Restarted Premiere

- Turned Default Audio Input to"No Input" in settings

- Tried lowering playback resolution from Full all the way down to 1/8

- Tried Window > Workspaces > Reset to Saved Layout

I'm running out of patience. Please help.