Lots to write here between bites of my late lunch. Let's see... Your GPUs aren't being used by Premiere for playback of h.264 footage or any other footage for that matter. Premier would use the GPUs if you had accelerated effects on your timeline, but you're not there yet. For raw playback of the footage you have, it's all CPU. Adobe could and should go a long way to include access to AMD's VCE and NVidia's NVDEC for handling h.264/h.265 files, but, sadly, they've avoided doing that. These hardware encoders/decoders would make handling playback of h.264 much faster as it'd all be done in: hardware. However, regardless of that, your older AMD GPUs don't have those encoders/decoders, so that rant is pointless. 😉 Your Mac is the reason I stopped editing on Macs for almost 7 years(!) Apple stepped on a land mine with the Mac Pro 6,1, and it's just a very limiting device in so many ways. Even the top of the line GPUs are weak, and all of the hardware in the device is poorly cooled. Further, there's the challenge of storage and add-on devices. Right now, you're not using a good solution for storage. USB 3 drives, even SSDs, really shouldn't be used for direct editing unless you're in a crunch. Yes, use them to move media around. And definitely use them to back things up. But when editing, you want to take advantage of all of those Thunderbolt-2 ports on the back of the Mac. Bear in mind, Tbolt-2 has a max throughput of 20Gbits/sec; that's four times what USB 3 can do. To give you an idea, NVMe drives are capable of an absolute max of 32Gbits/sec; and there's little out there you're going to find, storage wise, faster. Where I'm going with that is: if you need BIG STORAGE on top of the 1/2 terabyte on your system, I'd look to a Tbolt-2 enclosure that can let you install a few SSDs or NVMe drives. After you perform the test that Meg suggests, you'll know whether your system is adequate for your needs. Assuming you're OK with the time it takes to transcode before editing, then you'll definitely want faster storage for your newly-expanded ProRes (and it's gonna be big, too...) Given that, I'd be hunting around for an enclosure and some drives. Aside from that, you have the option of going to a PC for editing. That's what I did 7 years ago. I'm now back on a Mac, but it's because I could afford a monster Mac Pro (2019). It doesn't need transcoding or any such thing, it munches on h.264 without any issues. I can't really recommend a good PC for a given price as my PC goals are usually different than others'. I was building combo editing and gaming boxes, which need a lot of very fast cores (overclocked), and very expensive GPUs that can also overclock. There are bunches of others here that can guide you if that's the route you want to go.
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