Premiere Pro Project Settings - New PC Build

Hello - I've just built a new PC for the purpose of learning video editing with Premiere Pro & After Effects. So far, I've downloaded PP and started a new project with the default settings enabled and dragged some image files into the timeline. The playback was fine until I dragged the turbulent displacement effect onto one of the files - the preview window glitched out during playback and then everything went black. Tried restarting the program but everything is still blacked out. Under Project Settings > General > Renderer there are only 2 options (CUDA) and (OpenCL). Neither one seems to solve the issue... Any ideas? 

Hardware I'm using:
Gigabyte NVIDIA GeForce RTX 5080 WINDFORCE

Intel Core Ultra 9 285K Arrow Lake Twenty Four-Core LGA 1851
VENGEANCE RGB 128GB 2 x 64GB) DDR5-6400
Z890 MAG Tomahawk WiFi Intel LGA 1851 ATX Motherboard