Low FPS despite high end hardware

I get ~30 FPS and visible stuttering with the default texture pack in the latest version of Minecraft for Windows. My CPU/GPU are barely being utilized 

Taskmanager confirms my dedicated GPU is being used

Computer Specs:

CPU: i9-12900k 

GPU: RTX 3080 TI

Memory: 64gb (low latency)

Disk: Samsung SSD 840 EVO