VTDecoderXPCService Makes Final Cut Pro Unusable for 4K

I have a 2021 16" M1 Macbook Pro 16GB and a Mac Studio M1 Max with 32GB of Ram. I shoot a lot of sports video with a Sony A7SIII in 4K120 (XAVC S Codecs) and have had no problems editing my footage before now. I generally don't even make proxies or optimized video, and have always been able to edit the videos with no lagging. As of the last few weeks I cant even play through 4k footage without constant freezing and buffering. This is with no effects, no stacked clips, just basically dragging footage onto a 4K project timeline.

As I mentioned this is also happening on my Mac Studio as well, so that tells me this isn't a resource issue. The troubleshooting I have done so far is deleting Final Cut Pro and reinstalling. What I have noticed recently is in Activity monitor "VTDecoderXPCService" Immediately scales to 500% CPU or more just playing back the media. I don't remember this happening before. I have background rendering off, and am doing my edits with all other apps closed.

Yes I have Chrome installed on both computers and have not tried uninstalling it, but have used it for years and haven't had a problem in the last year with it. Wanted to see if anyone has any ideas because its almost unusable right now without proxy files.