FCP Rendering So Slow on M1 MacBook Air all of the sudden

Helllo,

My M1 MacBook Air had, up until just the other day, been running FCP like a beast and didn't seem to slow down at all and was able to render almost in real time. Faster than anything I've ever experienced. Now all of the sudden, I'm editing footage and it is rendering incredibly slow and I'm not sure how to get it to run as fast as it had been.

I am utilizing a couple more things like De-noise on some clips etc., but I couldn't imagine that slowing it down that much but who knows.

I am running FCP library though a 1T SSD (Samsung T5) and no where near full.

Thank you in advance for the help,

Joe