Premiere Pro 2020 has been adding more features to its MPE GPU acceleration for CUDA compared to earlier versions. That would at least be able to help determine whether or not the delay is FX-related.

Another thing you can try is turning on a global fx mute and see if that really speeds up your render time dramatically. You may also want to try clearing your media cache and previews, which is just good maintenance practice now and again. You still need to bake off other deliverables after that, but I've found the pr422 exports to be more reliable anyway to start out with. As an anecdotal reference: on a slightly older computer I exported a p video in about 30 seconds. I have definitely found Smart Renders to be helpful. He also discusses some workflow things as far as using intraframe codecs for editing.

Here is a blog post by Kevin Monahan that discusses Smart Rendering: Yeah regarding the Max Render, some people just start checking boxes because it sounds good, so it's always good to check and see that it was done with a purpose!

Super sume pro is taking too long