Extremely slow playback and rendering | MacBook Pro M1 Max, 32 GB Ram

Dear Adobe Community, 

I would appreciate your help. 

I recently bought a new MacBook:

• Chip: M1 Max
• Ram: 32 GB
• SSD: 1 TB
• OS: Ventura 13.1

I am using After Effects v.23.1

I bought this Mac hoping that the issues I was facing with my 2016 MacBook Pro would disappear, but to be honest, I do not feel it.

I am sure I am doing something wrong because I see people having fun with their MacBooks equipped with a Silicon Chip.

What am I trying to achieve?

I am animating a PNG with the following effects: Turbulent Displace, CC Split 2, Motion Tile, and CC Threshold RGB, with a simple grid background made with the Grid effect. 

The clip is only 15 seconds.

The issue:
Slow playback, even in quarter resolution.

When rendering in Media Encoder, it takes more than 10 minutes, and that is when it renders. Sometimes it is marked as failed.

Yes, I've tried rendering it multiple times because I was trying different settings to see if it would change anything. No significant success.

Here is a folder stored in Google Drive, with screenshots of all the settings I think might be helpful to debug this issue, and also the project itself (Only 5MB)

I did some research, and the closest thing I found was this article from 2015. I have tried all the suggestions, yet, no significant progress.

I need it for work, and it is starting to affect my work severely.

Thank you in advance for your help.

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