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That external spinning disk on USB3 is a good section of the issue, I'd think. Something like the Samsung T5 that Bill Gehrke discusses for media might improve your performance some.
Of course, the media itself may be an issue ... if it's long-GOP H.264 from a drone, DSLR, mirror-less, whatnot ... well, that's a difficult format/codec to edit.
- What is your media? A good way to fully understand your media is to download MediaInfo and open your media in it in an look at Tree View and let us see a screen grab of the video information,
- That graphics board is ancient with only a PCIe 2 interface and only 384 cores. If it is necessary for your media/workflow it might be overloaded. If you look at its usage with a tool like GPU-Z on the Sensors Tab and see full GPU Load that might be a bottleneck but with your processor maybe not.
- Hard disk drives on USB 3.0 are still hard disk drives. If as Neil suggests you can see your way to acquire a Samsung T3 or the newer T5 you will have about 3x the read and write performance especially if you have your hard disk drives very full of data.
Would you get a portable SSD, USB 3.1, or an internal one?
The SATA III internal SSD"s are slightly faster but the USB 3.1 have great portability. I use both regularily