I finally found the solution. I uninstalled multiple programs one by one until the editor was running smooth as butter. The software which was the culprit for me was: RivaTuner Statistics Server
I initially had installed this because I wanted to use MSI AfterBurner to undervolt my GPU. However, I never did that. So, not sure why it was causing such issues (only in the UE editor), but now its fixed and Iām happy.
Thanks for your help and responsiveness (pun intended) everyone 