Premiere pro running like garbage on Mac Studio Ultra

[Highproofkellyr66283145]

Mac Studio M1 Ultra

128 gigs ram 

Lag time, lag time, laaaaaaaaaag

audio disk I/O overloaded

audio not found

audio not found

audio not found

audio not found

working in 720 proxies of 4k footage. So terrible. My 2009 mac chease grater handled this fine but runs like hot garbage on my new $7k computer. FML. Please fix Premiere pro.

[Highproofkellyr66283145]

Also...

Editing off of external Sandisk extreme pro ssd conected via thunderbolt 4 cable.

drive speed test showing 844mb/s and 729mb/s read speeds

mac os 12.5

Premiere pro Beta installed Oct 3 2022

any help is welcomed.