Actually, it's not 14.3.2 that has issues. This lag is actually caused by an update to the Creative Cloud desktop app. And Adobe decides to issue an "Unsupported video driver" warning to all drivers older than 451.77 across all Creative Cloud apps (and sometimes with no direct warning to the user) because Adobe found major issues in testing with several older driver versions in several other Creative Cloud apps.
And this lag also greatly affects all older versions of Premiere Pro, not just 14.3.2. The Creative Cloud desktop app update, which is required to update to any forthcoming newer versions of any Creative Cloud app, once it flags older driver versions such as 442.19 as "Unsupported," will automatically disable hardware encoding and CUDA GPU acceleration in Premiere Pro with no warning whatsoever. Prior to the Creative Cloud desktop app update, hardware acceleration worked.
All currently available versions of Premiere Pro, not just 14.3.2, are affected by this.
And I stated this because a couple of users rolled back to an older version with absolutely no improvement whatsoever. Worse, the very same version that worked for them now no longer worked properly after the update to the Creative Cloud desktop app.