I'm on Studio 20b, and I was pulling my hair out! I just found this! Thanks!
I don't know why this happens, but it's easily solved by just plugging in the Speed Editor using an USB-cable. I guess that also disables the Bluetooth connection.
Just removing and adding the Speed Editor using Bluetooth didn't solve it for me.

EDIT:
I have now double and triple confirmed this. Unplugging the Speed Editor to make it connect using Bluetooth grinds Davinci Resolve 20b to a almost complete stop, giving me 2-3 fps on Quarter resolution playback. Plugging it back in makes DR incredibly fast, steadily 29.97 fps with full 4K video.
Is there somewhere to report bugs?
EDIT 2: I found it on the /support page.