Hi, Kris,
Make sure that you have sufficient free space for iMovie to operate -- somewhere around 20 GB should be enough. Check the Activity Monitor app to see that there aren't other CPU intensive programs running in the background. Sometimes a very large iMovie library can slow down the app.
Some things you can try:
- Delete preferences by restarting your computer and opening iMovie while holding down the Option and Command keys and selecting to delete preferences in the box that appears. iMovie will open in a new library. Reopen your old library to get back to your projects. See if that cures the problem.
- Open iMovie in a new library by opening iMovie while holding down the Option key, and selecting to create a new library in the box that appears. Then try running iMovie.
- Boot up in Safe Mode (see Finder Help menu for directions), and then, after everything loads, immediately shut down and reboot in normal mode.
If still no luck, possibly you need to reset your System Management Controllor. It is not a very common problem, but one of the symptoms is the CPU running slowly. For more information, here's a link that discusses the issue:
https://support.apple.com/en-us/HT201295
-- Rich