The warnings Reduced Engine Power and Service Traction Control System come on. And I hear a scrubbing noise from the brakes or tire area.
The noise may be from a faulty wheel bearing or sensor for that wheel that is causing the system to go into limited operation mode. Limited operation mode lowers the power output similar to what you described. The system would need to be inspected to diagnose the car noise. I recommend having a professional mechanic, such as one from YourMechanic, come and test your vehicle for you.
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