Slow Render Speed - Upgrade Software or Hardware?

So I've been using the latest beta to edit my videos and they've been fairly slow to render. The most recent video is an hour long and says it will take 7 hours to render. I'm wondering if upgrading to studio will help or if I just need to hold out for my planned upgrade. (Note: I'm doing this on a laptop. I do have a desktop but I got it in 2012 and it can't even run the program.)

Project Settings:
MP4 - H.264 - 1080P

Current Laptop:
Intel i7-6700HQ
NVIDIA GeForce GTX 970M
16GB Ram

Planned Upgrade:
AMD Ryzen 4800H
NVIDIA GeForce RTX 2060
64GB Ram