[android-studio] ADB.exe is obsolete and has serious performance problems

The solution that worked for me -

I closed my Android Studio.

I visited this site - https://androidstudio.io/downloads/tools/download-the-latest-version-of-adb.exe.html

From there I downloaded the latest adb.zip file

I unzipped the folder and copied the 3 files -

adb.exe
AdbWinApi.dll
AdbWinUsbApi.dll 

I went to the folder - C:\Users\PayelSenapati\AppData\Local\Android\Sdk\platform-tools

There I replaced the old files by the new files. (Paste followed by replace the existing files)

Then I reopened my Android Studio, opened my virtual android device. Everything went fine. The error was no more.