Unable to work on Illustrator because of spinning wheel of death :(

[#1]

A day ago Illustrator started lagging to the point where doing something as simple as moving text one space resulted the Mac spinning wheel of death for about 45 seconds to a minute. 

Here's what I have done so far in my efforts to solve the issue:

1. I updated my OS to the newest Version (10.15.07). It didn't help.
2. I updated Illustrator to the new 2021 Version. No improvements.
3. I installed the Adobe Illustrator 2020 (Beta). No improvements.
4. I restarted my laptop 3 times. Nothing.
5. I restarted the Adobe Illustrator App. Nothing.
6. I tried using Apple's beta Metal software. Didn't help.
7. I deleted a bunch of irrelevant files and downloads. Zero improvements.
8. I opened a new document in Illustrator, same issue.

I'm at a loss. Please help.

[#2]

A day ago Illustrator started lagging to the point where doing something as simple as moving text one space resulted the Mac spinning wheel of death for about 45 seconds to a minute. 

Here's what I have done so far in my efforts to solve the issue:

1. I updated my OS to the newest Version (10.15.07). It didn't help.
2. I updated Illustrator to the new 2021 Version. No improvements.
3. I installed the Adobe Illustrator 2020 (Beta). No improvements.
4. I restarted my laptop 3 times. Nothing.
5. I restarted the Adobe Illustrator App. Nothing.
6. I tried using Apple's beta Metal software. Didn't help.
7. I deleted a bunch of irrelevant files and downloads. Zero improvements.
8. I opened a new document in Illustrator, same issue.

I'm at a loss. Please help.