The problem is that Adobe does not like AMD GPUs, nor does it like OpenCL in general. You see, the RX 5000 series still has teething problems with its drivers. And second, even that 5700 XT performs no better than an Nvidia GeForce GTX 1660 Super that sells for 40% less! It costs nearly $400, yet it performs about as sluggishly as a GeForce that sells for only $230.
It would be normal if you do not apply any GPU effects at all. Text effects are almost always CPU-only.
And on my installation of 14.3.2 (although I have a Ryzen 7 3800X and a GeForce RTX 2060 Super), I already see between 15% and 20% GPU utilization just simply making a minor conversion of the frame rate of a 1080p60 clip from 59.9402 fps to the standard 59.9406 fps while nearly pegging the CPU to 100%, which verified that my PC build is functioning properly in Premiere Pro 14.3.2. You do not want that GPU to hit anywhere close to 100% utilization with such a negligible frame rate conversion, especially if the CPU utilization is low and erratic: That indicates that the given GPU is too weak for that CPU.