windows 10 - Computer freezing while doing any heavy task(s). Could this be hard drive failure?

I'm on Windows 10, and whenever I'm doing some heavy task i.e. playing a game, I'm encountering random freezes which sometimes go in a few moments and sometimes stay for a minute or so and the game crashes.

One thing I noticed was the HDD LED (the one that shows disk activity) stays on whenever the freezing issue occurs. Could this mean hard disk failure? Checkdisk didn't show any bad sectors or errors, the computer works like a charm but sudden freezes are a pain.

Even tried reinstalling windows(formatted the HDD too). Still no fix.