The spinning color wheel is a high-level indicator, and does not correspond to a specific problem. It simply means something has gone wrong which prevents the FCP main thread from servicing the UI within a period of time.
This can be caused by a third-party plugin, insufficient disk space, the Chrome browser, a failing disk drive, etc.
No user should try copying over events to another library as the first step upon seeing the "spinning wheel" symptom. It should be methodically investigated, which includes gathering specific information and examining the diagnostic logs from the Console app. Another useful method is doing OPT>Help>Gather App Diagnostics and posting that somewhere we can study it.