This is what helped me with my Android 9 emulator:
Use Google Play x86 image instead of Google API x86 image, because the former had a notification "Preparing for setup.." which never finished.
After launching the emulator first time, going through the initial google device setting (skipping what can be skipped..) and setting up the SD card (as an external storage).
If there are some app updates running, wait for it and then force quit 'Google play services' app. If the emulator will be slow again after reboot, you might want to do this after every launch.
Disable mobile data in settings, because it was trying to connect again and again, using up all CPU. And CPU helps with rendering, so if there is no available CPU, it gets slow.
Edit:
5. Go to emulator Settings/Advanced and set OpenGL ES rendered to Desktop native OpenGL
and OpenGl ES API level to Renderer maximum
and reboot the emulator. In my case, using autoselect/autodetect had far worse performance.
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