Premiere Pro 26.3.0 Regression: Reconnect Full Resolution Media hangs indefinitely with attached proxies (26.2.2 works correctly)

Issue

After updating to Premiere Pro 26.3.0 (Build 93), the Proxy → Reconnect Full Resolution Media command hangs indefinitely on "Locating media...".

The exact same project reconnects correctly in Premiere Pro 26.2.2.

Environment

• Premiere Pro 26.3.0 (Build 93)
• macOS
• Mac Studio
• UGREEN NAS
• SMB over dedicated 10 GbE
• Proxies created using Premiere Pro + Adobe Media Encoder (Create Proxies)

Steps to Reproduce

1. Create proxies using Premiere Pro and Adobe Media Encoder.
2. Open a project with attached proxies.
3. Make the original media unavailable.
4. Choose Proxy → Reconnect Full Resolution Media.
5. Browse to the folder containing the original media.

Expected Result

Premiere should reconnect all original media within a few seconds while preserving the attached proxies.

Actual Result

Premiere displays "Locating media..." indefinitely and never completes the reconnect.

The application does not crash, but reconnect never finishes.

Comparison

The identical project, media, NAS, and proxy files reconnect immediately in Premiere Pro 26.2.2.

Rolling back to 26.2.2 completely resolves the issue.

Troubleshooting Performed

• Reset Premiere preferences.
• Cleared Media Cache.
• Reset plugin loading cache.
• Verified SMB connectivity.
• Verified UGREEN NAS performance.
• Verified 10 GbE network.
• Verified metadata access (stat) completed in approximately 0.014 seconds.
• Verified directory listing completed in approximately 0.25 seconds.
• Verified Link Media works correctly.
• Verified proxy relationships remain intact (Detach Proxies is available).

Only Reconnect Full Resolution Media fails.

Conclusion

This appears to be a regression introduced in Premiere Pro 26.3.0 affecting the Reconnect Full Resolution Media workflow for projects using Premiere-generated proxies.