I wouldn’t jump to that yet, as it can be a real hassle to set everything back up. Instead, start with closing background apps:
If that doesn’t improve things, I recommend some benchmark tools to see if anything is underperforming:
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Entire system: UserBenchmark
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GPU: Heaven
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CPU: Prime95
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RAM: MemTest86
Note: Some of these tests, other than the first one, can take quite a while.