Checking out Git branch, commiting, closing project is too slow

I use IntelliJ IDEA 2023.3.4 (Ultimate Edition) Build #IU-233.14475.28, built on February 13, 2024 on Windows 10 Enterprise. And I am having performance issues when checking out a repositories, commiting or closing a project, etc. It takes like 5 minutes to checkout a branch. My workaround is to use Git's own git commands from CMD or Git Bash or Git GUI.

I suspect it must be something to do with scanning files.