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I am using the latest version of Premiere Pro (14.0). It used to be that everything was fine. But after the last major update, when adding a cross dissolve, it causes severe lagging during playback. I can playback all other effects just fine, but crossfade it hates. I can even do multicam editing with 6 cameras no problem, but a single crossfade kills the system. I am on Windows 10. 64GB of RAM, Intel Core i9-9900K 3.6GHz, NVidia Quadro p4000 with 4GB.
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Latest version is not a version: which build (see about...)?
FAQ: Clearing Cache Method Premiere Pro v14 « DAV's TechTable