17:22:54.730: Windows Version: 10.0 Build 17134 (revision: 950; 64-bit)
Windows is out of date and this version performs poorly with OBS. Update, manually if necessary.
17:22:54.730: Game DVR: On
Turn that off.
Scene design has multiple browser overlays, multiple audio and video media sources. These will consume resources when OBS is open, even if not streaming or recording.
17:23:05.393: - source: 'Display Capture' (monitor_capture)
17:23:05.393: - source: 'Window Capture' (window_capture)
17:23:05.393: - source: 'Elgato Switch' (dshow_input)
17:23:05.394: - source: 'Minecraft' (game_capture)
Ideally you should not mix game and display captures in the same scene, it's non-performant.
Are there two similar models of webcam in this setup? Because that can also cause performance issues.
17:23:08.735: DShow: HDevice::ConnectPins: failed to connect pins (0x800705AA): Insufficient system resources exist to complete the requested service.
17:23:08.970: DShow: Run failed, device already in use (0x8007001F): A device attached to the system is not functioning.
17:23:08.981: DShow: Run failed, device already in use (0x8007001F): A device attached to the system is not functioning.
17:23:09.085: DShow: HDevice::ConnectFilters: RenderStream failed (0x80040217):
17:23:09.123: adding 23 milliseconds of audio buffering, total audio buffering is now 139 milliseconds (source: CS Background Loop)
17:23:09.486: adding 116 milliseconds of audio buffering, total audio buffering is now 255 milliseconds (source: CS Background Loop)
17:23:09.510: adding 23 milliseconds of audio buffering, total audio buffering is now 278 milliseconds (source: CS Background Loop)
17:23:09.546: adding 23 milliseconds of audio buffering, total audio buffering is now 301 milliseconds (source: Minecraft Crickets)
Above lines indicate system is becoming overloaded as each audio device increases its buffer.
17:24:05.415: [DShow Device: 'Webcam'] settings updated:
17:24:05.415: video device: FaceRig Virtual Camera
17:24:05.415: video path: \\?\root#image#0000#{65e8773d-8f56-11d0-a3b9-00a0c9223196}\global
17:24:05.415: resolution: 1280x720
17:24:05.415: fps: 29.97 (interval: 333667)
17:24:05.415: format: XRGB
17:24:05.416: DShow: HDevice::ConnectPins: failed to connect pins (0x80040207): The owner SID on a per-user subscription doesn't exist
Also you're running FaceRig? And the game being captured is Sea of Thieves. All on a single PC.
CPU usage seems not entirely unreasonable given what is going on in this log.