Hey Vinay,
I tried the Intel Driver and Support Assistent in the latter link you send me and low and behold it found an update for my CPU drivers! Turns out my CPU drivers hadn't been updated since late 2017 O.O Surprised my pc held out this long.
Pretty strange though since windows didn't detect any updates and doing a search via my device manager told me the latest drivers were installed... Will be checking this manually from now on using the assistent...
Anyway Premiere seems to be working fine now since I updated the CPU drivers.
Thank you very very much, you really saved my *** and now I can finally get back to my project for my study.