Priority change is immediate, but take a close look at disk utilization instead. (In resource monitor, not task manager.) Disk is a huge bottleneck if you're swapping, or just reading & writing a lot of data. If that still doesn't look like the problem, check for thermal throttling. Look at Resource Monitor's "Maximum Frequency" (it's also in Task Manager in Win8 and up), and if it's less than 100%, you know you're being throttled, either by a power plan or more likely insufficient cooling.
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