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I'm experiencing freezes about 25% frame loss when previewing Essential Graphics, im on a most than capable system, im 1/4 no high quality.
I got rid of cache, i allocated full ram to Premiere, but i cant see difference, also check nvidia panel using GPU.
I'm on Latest Version Premiere.
System: MSI GF63: Core i7 2,6 GHz - SSD 1 TB - 16GB - NVIDIA GeForce GTX 1650 Ti
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I would suggest you try the following -
Go to File > Project settings > General > Video Rendering & PlayBack > Change to mercury playback engine Software only.
If the issue gets resolved then try updating your graphics card drivers.