How can I improve my MacBook Pro M4 Max video playback experience in Final Cut Pro?

I am migrating from a 16" MacBook Pro (last Intel version) to the new M4 Max MacBook Pro with the upgraded (non-binned) M4 chip. It was custom ordered with 64GB of RAM and a 2TB SSD. I have a very simple Final Cut Pro project with 4K GoPro 12 LOG footage, the GoPro custom LUT, light Noise Reduction and when I play back video on the timeline where one clip transitions to another with the Cross Dissolve transition, Final Cut Pro goes down to about 2-3 FPS. I do have the Viewer set to Better Quality and if I change to Better Performance, it works fine (but so did my Intel Mac). I am not using Rendered nor Optimized media, but in my research, I concluded this new M4 Max chip could handle simple transitions and noise reduction without pre-rendering the clips. There's no memory pressure whatsoever, nothing else running in the background, but the GPU maxes out when playing back the clips and performance takes a dive when it hits a Cross Dissolve Transition. Should I be getting better performance here? If so, how can I improve performance? If I have to edit in low quality or pre-render clips, I could do that with my old 16" MacBook Pro. Thank you.