HoloLens 2 Emulator visual updates extremely slow

I installed the latest version of the HoloLens 2 Emulator (10.0.20348.1501) on my Windows 10 Pro machine. I have 32GB of RAM, 11th Gen Intel 8 Core CPU, Nvidia 3080 (mobile) graphics card.

Initially I thought that the HoloLens emulator was super slow (an input such as trying to move the pointer can take 10, 20, 30 seconds to show up and sometimes doesn't even show up).

But upon testing some more, I've realized that my inputs are going through immediately (as I can tell from the sound feedback), it's just the visual feedback which is not updating. This testing is just inside the OS (without trying to launch an app I developed).

Any ideas what could be going on? In the performance monitoring tool, everything looks fine.

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