Also, yes. get a separate drive for your video files. Remember with one drive you will be reading / writing back to the same drive which will increase the encoding time dramatically. Windows uses the primary drive also for it's paging file. Even with 32GB of system memory, windows will still use the system drive and paging file (unless you turn off the page file). So combine windows using the drive plus Premiere reading and writing from the same drive and you have your bottleneck
Try the second drive and see if that makes a major difference. It doesn't have to be an M.2 drive, the difference between that and a standard ssd will not be mind numbing.