The meter shows the overall average of the CPU. It's very possible because of the way audio works, whatever instrument you are using is overloading its own assigned core. An i9 is great, but audio tracks CANT be spread across cores, all it takes it the right combo of plugins on one channel to overload the core its running on and stop the whole session. Say you've got a 24 core CPU. If one core is at 99%, and the rest are at 0, the cpu meter isn't going to show you 99%, it's going to hover around 4%.
Are there any plugins aside from the instrument on the track? Try a smaller buffer while you're at it, that might actually help. If I can play 40 tracks loaded with UAD channel strips and comps and whatnot at a 32/64 sample buffer on my M2 Pro Mac mini, surely the i9 beast can do it.
Make sure the track isn't armed for recording too, as that puts the track in 'live' mode which will also jack up the CPU use.