Rush has become unusably slow and uses a ton of CPU for basic operations

Been using Adobe Rush 2.9.0 (build 14) on a 2020 MacBook Pro with these specs:

* 2.4 GHz 8-core Intel i9
* AMD Radeon Pro 5600M 8GB
* 64 GB DDR4 RAM
* Ventura 13.3.1

Rush was running fine before today and suddenly even doing simple operations like expanding the timeline on a small 8 minute video causes it to use up to 4 cores to max capacity. At this point editing videos can take hours to complete while the cursor just spins.

Yesterday I was editing a 23 minute video with the same settings and video quality and it had zero issues. Now I can't edit any videos without this CPU issue happening. No other applications are having the issue.

I haven't done any updates to my system since yesterday.

Nothing else in the system is using any appreciable CPU.

There is tons of free RAM available.

I've tried restarting the computer and clearing Rush's cache, but neither has worked.

How can I fix this?