Urgent: Extreme lag and stutter in Insta360 Studio

I am using a MacBook Pro (M1 Pro) with 16 gb RAM

Insta360 Studio Version 4.9.1

When editing on the Studio version, the playback stutters every few seconds and it completely disrupts the creative flow. I have been editing without a problem on the studio version for months; this issue started appearing a few weeks ago. How can I fix this?
An additional detail: any exported video plays without the stutter, the stutter and lag happens only through the playback when editing through Insta360 Studio.
Editing on the mobile app works as expected but I prefer to have it done on desktop as that's where a majority of my workflow is.
Thank you