Sorry to hear you’re having troubles. I have been cutting UHD ProRes 422 footage easily on the same machine (iMac 2015, 32 GB RAM, i7, M395X GPU). Even just today. I am not on Mojave however. (but High Sierra)
I would first recommend two things to troubleshoot any possible underlying issues with the software:
1/ Clear your preferences and plugin cache on a brand new empty project: do this by holding ALT + SHIFT while double click – opening the project file. It will ask to reset your preferences and then reload all the plugins, effects, decoders etc. Be aware that your preferences have been reset, so you need to run through some of those again if you had changed them from the default. (including re-activating your custom keyboard setting)
2/ Manually delete the cache folders, so PPRO needs to rebuild the library and cache files in your project. Do this manually and not using the preference menu in the application. This way you make sure they are also deleted for your active project and not just for the currently unopened ones. Here you can find the folders: /Users/yourusername/Library/Application Support/Adobe/Common
Some useful information: https://screenlight.tv/blog/the-definitive-guide-to-adobe-premiere-pros-media-cache
3/ You can also try creating a brand new project and re-importing your old one. If your project ‘survives’ across multiple versions of CC, this is always recommended.
These steps may help to boost your performance again, these things do sometimes get messed up. If it all doesn’t, there may be a lot of other factors at work:
– Are you working with H.264 or H.265 source footage? This will always be ‘more difficult’ to playback and especially to ‘scrub through’ (it is the nature of the codec). Especially at UHD resolutions. And especially if it is in VBR bitrate. Lot’s of folks have wrong expectations about this codec in their workflows.
– Is your storage setup fast enough? Playing back 4K high bitrate UHD ProRes for example from an USB 3.0 external drive may cause hiccups, so can drives formatted in file structures like exFAT. Sometimes you do just need a RAID or SSD.
– Maybe your computer desperately needs that format and fresh install of OS and applications. I do it at least once a year, it helps enormously.
Just a few things and questions for you to go through… I wish you all the good luck!