Looks like you are working on a 1080p XVID file.
What kind of Sequence is it in? The only thing that might make this more annoying that necessary would be if the video were in a mis-matched sequence.
Keep in mind though, just because Premiere can import and play the file doesn’t mean that it’s going to be snappy about it. An XVID AVI probably isn’t going to give you the best performance in Premiere. So about a minute to render a 4 second clip? It’s not really over the top slow, but if Vegas can do better job rendering it that might be a better path for you.
Not that it’s going to make a huge difference, but you might want to consider moving your media off your boot drive and putting it on a dedicated media array. Performance for playback will be enhanced for sure.