Project lags on good PC

Hey all!

I've been editing for a while, and I feel like recently I've been noticing a sharp decline in Premiere's performance. As you can see on the footage attached, I now struggle to do basic operations such as moving clips around, or simply pressing play on the sequence. I do understand I'm moving almost an hour of footage composed of a LOT of clips, but we're talking about 1080p 30 footage with NO visual effects applied. My current build consists of a 3080Ti, 5950x 16 Cores, 32gb 3200MHz DDR4, with premiere and all my footage on a 2TB M.2 Samsung 990 Pro. Though it isn't an insane setup, I feel like it should be more than enough to handle an hour of 1080p footage, especially considering my GPU, CPU, and Mobo are not even a full year old yet. Can anyone tell me if this is normal performance and I just need an upgrade, or if there's something going on with my machine? Thank you.