Sophisticated effects are often very GPU-bound. This means no matter how fast the CPU is, without a powerful discrete GPU the effect may be slow. You list Intel Iris graphics, which implies that is a 13″ MacBook Pro which doesn’t have a discrete GPU.
On my 2019 MacBook Pro 16, the GeekBench 5 GPU benchmark (Metal) does 4972 on the internal Iris graphics, whereas the discrete Radeon Pro 5500M does 28405, or 5.7x faster.
Using proxies may help in some cases. Also using a 1080p timeline for 4k material may help, since render files are sized based on the timeline resolution. However it appears some compute-intensive 3rd-party effects such as Neat Video (and maybe MotionVFX ActionFreeze) do not benefit from this.
You can investigate if it’s ActionFreeze itself that’s slow or some antagonistic combination of Fx. Try putting ActionFreeze by itself on a clip with no other effects.
Recent versions of FCPX had significantly improved performance, esp. in some GPU functions. If you are not on 10.4.10, consider trying that.
FCPX versions starting with 10.4.9 have variable-size proxies, so you could try both putting the material in a 1080p timeline plus creating 25% ProRes proxies. In my testing that helped with some built-in Fx but it didn’t help with Neat Video.