Extreme lagging when manipulating text and unable to render text with transition

I have a project in which I have text in the last scene. When trying to move text I don't see it moving. The frame of the text moves but not the text itself so I can't see what it looks like. It then jumps to the position if I switch the screen to another app and come back after a few seconds, but then jumps again if I do anything in the timeline. Then I have a fade in and out on that text. It fades to 90% opacity and then it won't fade out at all at the end. I can't figure out why. I tried fading using a tradition and "video animation". That makes no difference. I also tried different transition, instead of cross fade I tried fade to black. The same thing happens. I tried to render the project out and this problem shows in the rendered version. Each time I click on my text clip I get a "background task" spinning for a few seconds and it shows that it's "Drawing preview". I'm on Sonoma 14.6.1 on Apple M2 Ultra Processor with 64GB of RAM. I'm running Final Cut Pro 10.8. I restarted my computer several times. Any idea what I can do to fix this?