Replace both capacitors and make sure you can hear the starting circuit switching to the run circuit. I have a big old snap on pedestal grinder. The start switch was stuck and it wouldn’t kick out to run. Those windings then quickly overheat and it too would then slow down. I’m amazed it never burned up on me because I was using it like that for a while.
FWIW...I think they make electronic starting switches now which are supposed to be the bees knees. Never used them. Just remember reading about them when fixing my grinder. I was able to repair my switch on my grinder.
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