My 2p (2cents) worth:
A new computer would
probably fix the problem yes. You should be able to get one for about $250 that would do the job ok. Something like this (refurbished 12 mnth warranty in the UK, I'm sure the US has an equivalent site):
Alternatively you could spend a day reformatting your hard drive and installing Windows 10 (8.1 support is discontinued, that means the same deal as 7 i.e. no updates, inadequate security etc.), and everything else you commonly use. Doing this
might fix the problem, but imo there's a good chance it won't, especially if computers are not your favourite thing to be messing around with
Before making a final decision have a quick look at the Windows Event Viewer logs. It will take about 15 minutes and might reveal an obvious problem that could help you decide the best course of action:
Start > Control Panel > System and Security > Administrative Tools. Double-click Event Viewer. Look for Error entries (indicated by a red exclamation mark):
You could look for anything that mentions USB, Axe-Edit, Studio One or that contains the text "Crash" or "Application Hang". Don't spend hours on this. It's just a possible quick way to identify a fundamental operating system issue. If you do find something, post the error on this thread, and ppl will help you understand it and decide the right course of action, whether that be a new PC or no.