I have tried optimizing Premiere according to recommendations from online articles/videos. Sadly the 2018 Macbook is not handling the 4k footage much better than my old Macbook. Just purchased a new Macbook Pro (specs below) to edit 4k footage on, as my old 2014 Macbook Pro is not able to keep up.
Was going to post this as a new thread but seems relevant to this thread so posting as a reply here –