We expect EU4 to be slower than CK2 to some extent; apart from anything else the devs have admitted to adding too many new provinces in the 1.31.x patches which affected performance quite badly. Some of that was improved under 1.32.x. It really should not be nearly as bad as you report though!
Lots of worrying errors in that log (perhaps from going back and forth in game versions), so let's start with a full **clean** re-install:
- move any valued save games elsewhere
- "uninstall" in Steam-EU4
- manually delete both the Steam/SteamApps/common/EU4 AND Documents/Paradox Interactive/EU4 folders
In particular make sure there are no files or folders left under either the Steam EU4 or Documents EU4 locations, before installing again.
- re-install game in Steam, run a Steam Verify when done.
- add EU4.exe to the exceptions list of your antivirus app; ESPECIALLY if you have Windows Defender, add it to the Ransomware "Apps Allowed Through" list.
- start the game with no mods active and test with a new campaign, NOT with any existing one.
I have tried Speedfan and it only seems to register my SSD. I can tell you by knowledge of my own system, its perfectly fine, it starts up in seconds and CPU and GPU is flat lining within 16 seconds. The laptop does get hot – but that’s always been the case.
That's an odd report about Speedfan, I've been using it for years and never heard of that issue. Perhaps try another utility like Speccy instead?
What I can see from that dxdiag is this machine only has an integrated Vega 8 video system, rather than a dedicated GPU. And you may be a little short of free memory:
Memory: 8192MB RAM
Available OS Memory: 6020MB RAM
So do make sure you exit every other app you can before starting this game. The 2gb missing there is being used by the Vega 8 video:
Card name: AMD Radeon(TM) Vega 8 Graphics
Display Memory: 5043 MB
Dedicated Memory: 2033 MB
Shared Memory: 3010 MB
AND it can take up to another 3gb away, leaving only 3gb for Windows and game!
I recommend you contact Lenovo support and see if there is some bios/firmware setting to recover that lost 2gb, that's quite a bit!
You might also check for an update to that 2020 video driver:
Let me know if any of that helps to any extent.