elementary OS hangs a lot

Issue
Lately, my elementary OS has started hanging a lot. Like a few times a week. At times, these hangs make the icons or buttons, etc. on the screen change into white rectangles. Then, I have to forcefully restart my PC and I lose important unsaved stuff.

Specifications
eOS Version: 5.1.7 Hera (Built on Ubuntu 18.04.4 LTS)
Kernel: 5.4.0-58-generic
Laptop: Lenovo Thinkpad E585 (with AMD processor & graphics card)

Fix not working
I reinstalled elementary OS last night and by now it has already hanged thrice. The last time I noticed the screen turns black after a few seconds of the hanging.

I am wondering if anyone else is suffering from a similar issue and have found the solution? I was thinking of moving to some other Linux distribution but I sort of like eOS and find it hard to leave it.