There is a known bug where ASIO Guard gets disabled when creating a new empty project right after launching Cubase, which seems to be the case if we look at your performance meter.
After fixing it, save the project and the issue will no longer be there next time you open it.
That said, keep in mind that you are only using an Intel i3.
These entry-level processors aren’t even officially supported by Cubase, and I highly doubt you’ll be able to achieve very low latency with these. Please try increasing the buffer size and set the ASIO Guard Level to “normal” or “high”, and of course make sure the above glitch has been fixed.
If the peaking is still happening after making the changes, open Task Manager and see if there are any running programs that you don’t need, and close them. For example, 3rd party anti-viruses and “cleaner” or “optimizer” software that run in the background. By looking at your task bar there seem to be quite a bunch of programs you don’t necessarily need already. You have the Focusrite driver which is fine, but what are the other three for ? I bet if you click that arrow you have many more.