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I am unable to use the program properly as it is consistently lagging after the update.
Unable to scroll to even preview or edit my tracks.
I have 800+GB of space
2.3 GHz 8-Core Intel Core i9
16 GB 2667 MHz DDR4
AMD Radeon Pro 5500M 4 GB
Intel UHD Graphics 630 1536 MB
Is the timeline showing continous frames instead of just head and tail?
What are you using as source footage, please?
You may need to delete prefs and all that (tons of threads here with info on that). Also sometimes disabling hardware encoding has assisted some. If all else fails, roll back your version to one that works.