Compressor 4.6.1 3x slower after update

I recently updated my MacBook Pro to Monterey 12.3.1, then I updated FCP to 10.6.2, which required me to update Compressor to 4.6.1. My 15 min. videos now take 3 hours to compress; before it took about 1 hour. I have not changed any settings or preferences.

Anything I can do to speed this up? Thank you in advance for any help.

Try installing the latest Monterey 12.4. This had significant improvements over earlier versions. Also, FCP is currently at 10.6.3, so unless you're in the middle of a project it would likely be worth updating that as well. If you do update FCP, after the installation, clear the preferences the first time you launch FCP by holding the Option and Command keys when you start the app. Select to delete preference files when prompted. See if any of this makes a difference, and if not report back.