Just to see if its only my computer or if its a general issue.
Here is a small file with an HEVC mp4. The thing is, VP19 struggles enormously with just simple playback, no filter, no resizing, no zooming, no slowmotion no speedup. Just simple playback. The only improvment in playback i get if i turn on 'old HEVC' in the Settings File I/O, but with that activated it has a bigger potential of just crashing Vegas.
Vegas Pro 18 had same issues, but still was a bit better.
Try playbacking the file and inform me of your results.
X570 MB, 5950x AMD, PCIe 4. SSDs, RTX 3080, Windows 10 newest build.