Well, I allocated 6 and then 8 gigs of Ram, same thing happens roughly 10 minutes into the game. I even got rid of that dreaded "SEUS Shaders" which somehow fixed the FPS issue. I can now get 20-25 FPS. I also enabled SLI for minecraft as shown on this guide here - https://www.reddit.com/r/Minecraft/comments/c6q7ov/nvidia_sli_with_optifine_and_seus_shader_pack/
According to the SLI indicator, my GPUs aren't even utilized 50% for most of the time.
Another problem I notice is that, even though I have 12 GB of Ram, and the javaw.exe process takes 4-5 GB at most, the task manager shows my Physical Memory as 85-90% utilized once Minecraft is launched. Before that the utilization was 15%. Adding all the processes together doesn't even reach 8GB.
I'd appreciate it if you found something from the log - https://pastebin.com/wzRQSak9
This is just getting more ridiculous than I anticipated...
Also, I realized that Geforce Experience couldn't automatically install the latest drivers, so I did it myself which had no effect on Minecraft unfortunately. From what I checked, my GPU (probably even a single of them) should be able to run Minecraft with some shaderpack at 50 or more FPS. I'd be happy if it can stay at 25 without some ludicrous "error" message to be honest.