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Both versions 23.4 and 23.5 releases of Adobe Premiere have serious playback issues on an Apple M1 Ultra system with 128GB of RAM.
Version 23.4 would constantly crash during playback, now 23.5 often has frozen playback problems which require a system restart after a few minutes of usage.
Reverted back to 23.3 and it's working properly.
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Also true for me on M1
My timelines are not that complex... and these new versions of Premiere can't handle pretty simple editing tasks...
I'm also on M1 Max
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Same. frustrating because I got the Studio M1 max so that I could get faster performance from Premiere