Really?….Nothing?? Almost 5 days later and not one thought? Well…I fixed it on my own. Even though I fully cleared out the Media Cache this apparently doesn’t matter because when I went into my video preview folder and deleted that folder, re-opened the project, re-rendered it again, my encoding is back to normal so I guess it was bogged down somehow. At any rate, when everything else has been tried apparently, deleting the video preview folder, and then re-rendering your project all over can end up fixing the severe lag.
I guess this community can learn something from newcomers as well.