I Can't use GPU acceleration

And what other effects do you have applied to the clip?

Some effects cause Premiere to internally drop into non-GPU mode for the processing chain. And gets this issue with Warp.

So you might try applying Warp, nest, apply other effects.

Though I normally recommend applying Warp and doing an immediate render & replace of the clip on the timeline. As that gets Warp done and gone. Making adding other effects, playback, and export simpler.

Can you confirm you only have this problem on your Lenovo Laptop correct?. Not on your desktop.

I'd clean cache as Neil has suggested,  but also Reset your Preferences.

This sometimes needs a reset if you have changed config on a machine.

Same procedure - hold Shift before you start Premiere and keep it held until you see the dialog box prompting you. Use the top option for Reset Prefs.

Note that you will need to re-enter any personal prefs you have previously set.

If you still have issues, then I would try a 'Clean Install' of the latest Studio NVidia driver for your card.

The installation process prompts to ask if you want a clean install.

If this is still not working - check you have the discrete GPU enabled in your BIOS. Some PC's require that the GPU setting is enabled, however, the actual presence of the GPU hardware normally enables this by default.

Has the NVidia GPU worked OK up until now in that Laptop?

I always ensure the BIOS is using the latest version too. Check that, as some other laptops have required BIOS updates for NVidia embedded GPU's and Windows 11.

This is link I found for BIOS downloads (Info only - you will need to search direct on your machine to identify it correctly)

https://support.lenovo.com/gb/en/search?query=Lenovo%20IdeaPad%20Gaming%203

Follow all upgrade procedures carefully, with Power always connected if you do decide to update BIOS.

Hopefully reseting Cache and Preferences will clear the problem for you without going any further.

What is grayed out is the option to go into Software Only.

I would suggest restarting while holding the Shift key down, select delete all cache files, and see if it works.

They changed behavior. And this dialog is now confusing.

So it IS using your GPU, and that option is grayed out as you cannot select Software Only with Premiere open now.

To go to Software Only requires closing Premiere and relaunching holding Shift down. In the dialog box select Software Only.

Weird but true.