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There are many things has changed in the new version of Photoshop & Lightroom, therefor it does require good system to run.
Please refer the system requirements for both the applications.
The standalone and the CC version share the same program code. Regarding speed, you won't see any difference. However, the CC version adds new features whereas the standalone version does not.
As Mohit already mentioned: Please post your system specs.
Thank you for your response. I'm using a Macbook pro 2.8 Ghz i7 with 16GB ram. It worked fine before the cc update that's why I was wondering if I have a setting wrong.
I tried the GPU options, no difference