I looked more into it and found this eatings out:
– PPro 2020 will take you to the proxies if you are in proxy mode, but PPro 2022 will always take you to the online version. This is a stupid change and someone at Adobe needs to fix that.
– there is a performance upgrade using the proxies, but not as much as I had hoped. It seems that the biggest boost to timeline snappiness and playback is lowering the preview resolution. Sure, I knew that, but I would have expected proxies to have more of an impact.
– I’m speculating here, but perhaps if I made the proxies a lower resolution that would help far more. I’m hesitant to do that though as I’m dealing w/ all kinds of resolutions from the different cameras and down-rising them might create issues.