effect controls panel is lagging Premiere Pro

Hello everyone,

A couple of days ago, for no apparent reason, in both cc2022 and 2023 version I started experiencing serious lags/mini freezes when I select a timeline clip that has any effects on it, in this exact moment. It last for a couple of seconds but that's enough to break my workflow, because it should work instantly.
This happens usually after a minute or so since the program has been opened, but could happen as well right from the get go.
I tried clearing cache, I tried different releases of both Nvidia drivers and Premiere Pro, rolled back updates of Windows, Premiere, GPU, to no avail. I actually tested hardware and even replaced thermal paste on CPU. All this made my PC work better and there's some minor improvements in performance in Premiere but the problem persists. I also play games and they work fine.
My windows 10 based PC is high-end, but pretty old; I never had this issue before in any version of Premiere Pro, and it's not even UHD footage I'm working on.
I found out that even when a clip is heavily loaded with effects - if I close the effects controls panel, the problem dissapears. Suddenly I can scrub the timeline again without lag, even if it's UHD loaded with LUTs, curves, Lumetri color etc.. The Lumetri Color panel itself works fine when I do some color grading there.
But obviously it's hard to work without the effects controls panel open. I tend to have it opened at all times.
The panel, when it just sits there - there's no lag. When I play or scrub the timeline there's no lag or freeze. It's just when I click on any clip it's suddenly laggy.
I would appreciate any ideas to solve this issue.