Premiere Pro glitching and crashing on Mac Studio Pro

I just upgraded to the new Mac Studio Pro. I started editing this project on my iMac Pro with no issues. I've spent the last 4 hours troubleshooting an audio glitch that happens around 00:34:47;20. No matter what video or audio that is at that timecode, the audio glitches like in the attactched video file. Then Premiere can't be shut down normally so I have to force quit the application. 

I've cleared caches, reinstalled Premiere twice, tried putting the content in a brand new sequence, nothing has worked. 

Upon my research of this problem, I found there have been a number of issues with Premiere and the M1 chip. The M1 chip has been around 2 years and Adobe still hasn't optimized their product for this technology. Being a long time Adobe user, both personally and professionally, this is very disappointing. 

I'm open to all suggestions.