Seeking Advice on Navigating Challenges with New Director

I work for a Fortune 500 company and manage a team of four direct reports. I used to really enjoy my role and had a great relationship with our previous director, who trusted me and allowed me significant autonomy. I enjoy processes and team building, so I introduced several programs and processes that benefit the broader team beyond my direct reports. These initiatives include starting an internship program for our North American team, creating an onboarding process, and introducing a learning platform for upskilling and onboarding, which 50 participants have used across geographies. Recently, a new director was hired, and the previous one switched teams. With this new director, I feel as though I have to constantly prove myself. I am no longer able to prioritize tasks that I know will add value based on my interactions with clients. Consequently, I am losing the trust I worked so hard to build for our analytics team within the business. During this bonus season, I was surprised to receive a significantly lower bonus compared to last year, totaling $3K net. I hold two STEM master's degrees (Economics and Data Science) and have five years of experience in my field. I was disappointed to find that, in addition to my already low salary, my raise equated to only an additional $100 a month. This is particularly frustrating because I make about $50K less than the standard for my experience in the industry. When I asked my manager for feedback on why my bonus and raise were significantly lower than last year, she mentioned that it was in line with HR recommendations. However, I am aware that there is some flexibility in the bonus/merit process that undshe did not utilize. I am no longer motivated to tackle the projects I was once so excited about, and now see them as a chore. What's worse is that she has my team working on the same analysis for the past four months, creating deliverables whose value I fail to see. She also undermines me by going directly to the analysts on my team and asks them to spend a significant amount of time on this likes formatting. I understand that difficult personalities are part of any job and industry. I have tried to discuss my concerns with her, but I cannot get through and have given up trying. Should I start looking for other opportunities, or tough it out since I'm not sure if there is anything better on the other side? I fear that, having been in my role for only two years, it may be too early to quit. Additionally, I really enjoy working with everyone else on the team.