From your Etrecheck report:
"Low disk space - This computer is running critically low on free hard drive space."
"External drives and performance - There are external drives connected that could be affecting performance."
"Antivirus software: CleanMyMac"
"[Running] com.macpaw.CleanMyMac4.Agent.plist (MacPaw Inc. - installed 2024-02-07)
Executable: /Library/PrivilegedHelperTools/com.macpaw.CleanMyMac4.Agent"
"User Launch Agents:
[Loaded] com.macpaw.CleanMyMac4.Updater.plist (MacPaw Inc. - installed 2024-02-07)"
"[Running] CleanMyMac X Menu (MacPaw Inc. - installed 2024-02-07)
Modern Login Item"
"[Loaded] uTorrent Web (BitTorrent, Inc - installed 2022-11-17)
Application
/Applications/uTorrent Web.app"
Who installed this stuff if not you? CleanMyMac was installed just ~ days ago!
"Mounted Volumes:
disk1s1 - Macintosh HD - Data [APFS Virtual drive]
Filesystem: APFS
Mount point: /System/Volumes/Data
Encrypted
Used: 85.14 GB
Shared values
Size: 121.02 GB
Free: 19.14 GB
Available: 60.35 GB"
Free is different from "available," as the latter means could be freed up by the system if it deems it to be necessary. But since it hasn't been released, you have just 19 GB to work from as "free" which is too little, especially for Adobe CC, which you also have. My daughter running Lightroom often uses over 100 GB of scratch space.
Sometimes Macs that ran ok under older MacOS versions slow down with the latest because they don't have adequate resources to handle the changes in disk and memory management that come with the latest versions. Your Mac appears to be a minimal configuration, 128 GB disk and 8 GB RAM, it is also 5 years old, it might not be able to handle well the latest demands from the latest versions of software and MacOS.