Why is Local 5.3.1 slow on Windows?

I am using local for years now and I have to say that even though it had its issues during the years, it is doing a great job as a server, allowing to stage multiple sites and work without configuring my local server. For that, I have to say big thanks to FlyWheel for this great software.
I have been working on v3.2.1 for a while now and did not want to update, but recently I had a big site loading quite slow on my machine and since I only heard good things about the new Local, especially how faster it is, I decided to give it a go. The problem is that the new version(5.3.1) loads a fresh install of WP (Pages List Table with 2 pages in it), with Query Monitor plugin only, for 2.18seconds. My old Local version(3.2.1) loads the same install on the same machine for 0.20seconds. That is significantly slower compared to the old version.

Here are some images from QM of the overview and environment: https://www.dropbox.com/sh/cqyuliv2et1661n/AAC1WbDU2d8cOJnVwg39A6L8a?dl=0

My machine is Ryzen 5 2600 3.4GHz with 16GB RAM and an EVO970 m.2 SSD.

Is there anything I can do to speed up v5.3? I have to think that there is something wrong with the configuration I have for Local or maybe some conflict that slows it down so much. However, I am not sure where to start looking.

Thanks again for the time spent helping the community.