Why is Proxy Media Generation so slow on my machine?

I just rebuilt my machine from Windows 10 to Windows 11 and it seems much slower when creating Proxy Media. Any ideas what settings I should check?

File sizes add up to 61GB 5K from a GoPro 11

Progress

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GPU perf

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Settings

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Do you have Resolve Studio instead of regular free Resolve?
Do you have NVidia selected to be the encoder/decoder for H.264/H.265 codecs?

Do you have Resolve Studio instead of regular free Resolve?
Do you have NVidia selected to be the encoder/decoder for H.264/H.265 codecs?

I'm using Resolve Studio 18 latest build.

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Here's my Decode options. Anywhere else I should look?

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