Onto help sites and forums, looking for an answer. My thoughts are that either CC 2020 is a resource hog, or that there's an option in the new version that's defaulted to something unhelpful. A few days pass before I get a useful answer, but it is indeed an option that's gotten toggled off by the update.
Premiere has the ability to shift image processing to hardware, or to send it all to the CPU. Most Intel-based machines, which which include most Macs, do have at least a little bit of a graphics coprocessor built in. I had to find the option, buried in the Media preferences, and re-enable it.
Why am I posting this in the quicksand discussion portion of the forum? Because of Intel's cutesie name for the feature:
Quick Sync!