Multicam Slow Playback on Mac Studio M1 Ultra

[timh83225934]

I'm having some unexpected lag issues in Premiere on my new Mac Studio M1 Ultra with 64GB of memory. I'm editing a very simple multicam talk with four video angles, all 1920x1080, ProRes 422 files. As I move along the cut the sluggishness of the timeline increases dramatically. By the end of the timeline, I could not playback the video at double speed without seeing the wheel of death and having to wait about 15-30 seconds before Premiere caught up with my commands. 

[highlandarr]

Multicam playback seems to suddenly be broken. It seems like it broke even without me applying an update. Another thread recommended rolling back to 23.1. I did that, but it didn't help. So I tried 23.0. Multicam playback is still trash. I literally have no idea what to do.