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Ann is correct. With Google Drive you are at the mercy of the maximum sustainable throughput of your Internet connection. In most cases, that is less than a few MB/s (megabytes per second)! And your Internet connection is in megabits per second, not megabytes per second - and there are eight megabits in one megabyte. That's too slow for most 4k footage, especially if that footage has to be decompressed on the fly like most NLE programs do.
And yes, even the absolute slowest 5400 RPM spinning hard drive has far greater sustainable transfer speeds than any Internet connection.
Thanks for feedback. As I said, I set the folder to be available offline. That means the files within that folder are actually on my disk or else you would not have access to them without internet connection. So what could be the hiccup then?