FCP freezing/ beachballing for several minutes after every action

Hi all,

I've been seeing some similar issues but haven't found a solution yet. I am working in Final Cut Pro 10.6.6

MacOS Monterey 12.6.6, on a library saved to an external hard-drive (formatted in APFS). Every time I try to move a clip or play/pause, I get the beachball for several minutes. I've never had this issue before.

I do not have Chrome or any GoPro apps which I've seen a few posts mention. Attaching my EtreCheck report.

Thank you so much for help with this!