Rainbow Spinning Wheel on Final Cut Pro

after every action/button click/etc, i get the rainbow spinning wheel on final cut pro. i just bought a brand new macbook pro 14in with the M1 chip, 16 RAM, and 1T storage. the macbook AND final cut pro software are completely up to date.

when editing a video, i am creating proxy media and i still get the rainbow wheel with each action i take. it happens for about 5 seconds and then it proceeds with my action, but then just keeps happening so on with each action.

i can’t tell if this is a final cut pro problem or the macbook’s problem? please help!!