Premiere Pro takes several minutes to render six seconds
I managed to figure out my problem. I decided to try disabling my video adapters to see if that fixed my problem thinking that there was an issue with having two dedicated GPUs. I found no problem with having two GPUs but I discovered that disabling Intel graphics on my 8th gen i7 instantly fixed my problem. I'm not sure why that was causing an issue but disabling Intel UHD 630 graphics fixes the problem.