Pixelation and Color Distortion in AE Preview – Urgent Fix Needed

While working on a wedding animation project in After Effects (version [insert version]), I encountered a major preview issue:
The video file (ZDR59251.MP4) appears completely pixelated and discolored in the composition panel. This distortion persists even after clearing cache, adjusting render settings, and reimporting the footage. The timeline and linked layers are unaffected, but visual feedback in the viewport is unusable.

What I tried:

• Cache Purge
• Changing Preview Resolution
• Disabling GPU Acceleration
• Re-importing footage
• Cross-checking codecs and format compatibility

Suspected cause:
Possible decoding error or preview rendering bug for MP4 files in this AE version. The original footage plays fine in external viewers (Premiere Pro and VLC), so it's not corrupt.

Impact:
This issue halts my ability to perform real-time animation adjustments and hampers productivity in critical delivery timelines.

Request:
Please investigate and provide a fix or workaround. A lot of editors working with hybrid wedding formats and layered compositions are facing similar challenges.