I was having the same exact issue. Did all the normal troubleshooting (restarts/re-installs etc). So I hit up google and found your post and made the connection that I recall updating Avast a few days ago as well. Did a search for “avast bluestacks” and found the post @ this URL. I followed its easy steps and so far bluestacks is back up and running normal for me again.
https://support.bluestacks.com/hc/en-us/articles/115003212603-Solution-for-Avast-antivirus-makes-BlueStacks-run-slow-
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