FCP11 is lagging like never before. FCPX was running butter smooth

I am having this problem where preview footage is lagging and glitching. It doesn't matter if I'm skimming or just playing the footage after 2,3 second starts to lag. I tried different projects, new projects, new events, new file and the result is always the same. I'm stocked about this because I machine is pretty good and I never had any delay, glitching or lagging whatsoever. Basically started after I updated FCP from 10 to 11. Im working with 4k footage, no raw, 29.7 fps. I store my footage on external SSD connected with Type C. Currently have around 300gb free space on my mac and about the same free space on my SSD. I work like that for the past 2 years and haven't had any kind of similar problems. I haven't changed my cameras, format, frames or anything related to my workflow. I started GPU history graph from Activity monitor and to be honest the GPU is chilling while the footage is glitching and it should be like that. So im thinking the problem is not related to my mac in any sense, but it's only related to the new version FCPX. Is that possible? Am I missing something?

Machine specs: M2 Max, 32RAM, 1TB SSD

Thank you in advance! 🙏