Scale and Transform keyframes change values but do not affect the image on Mac Apple Silicon

Issue:
Premiere Pro is not applying Scale/Position keyframes visually to a slowed-down video clip. The numeric values animate correctly in Effect Controls, but the image in the Program Monitor does not change at all.

This prevents me from doing basic manual zooms/punch-ins on a clip.

Steps to reproduce:
1. Create a new sequence.
2. Add a single video clip to the timeline.
3. Cut the clip and change its speed to [SLOW SPEED, e.g. 40%].
4. Time Interpolation is set to Frame Sampling.
5. Select the clip and enable keyframes for Motion > Scale.
6. Set a Scale keyframe at the beginning (for example, 100).
7. Move forward in the timeline and change Scale to another value (for example, 115).
8. Play or scrub through the keyframes.

Expected result:
The image should smoothly zoom from Scale 100 to Scale 115.

Actual result:
The Scale value visibly changes and the keyframes are present, but the image does not zoom or change in the Program Monitor.

Troubleshooting already performed:
- Created a brand-new sequence with only this one clip.
- Tested both Motion > Scale and the Transform video effect.
- Changed Time Interpolation settings.
- Reset Premiere Pro preferences at launch using the Reset Options dialog.
- Restarted Premiere Pro.
- The issue persists.
- Nesting the clip/sequence makes the animation work, but nesting is not an acceptable workflow because it can affect image quality and adds unnecessary complexity.

System information:
Premiere Pro version: [VERSION]
macOS version: [VERSION]
Mac model/chip: MacBook Pro with Apple M2
Source media: [CAMERA / CODEC / RESOLUTION / FRAME RATE]
Sequence settings: [RESOLUTION / FRAME RATE]

Screen recording attached.

Please confirm whether this is a known issue on Apple Silicon / Metal rendering, whether there is a workaround that does not require nesting, and whether a fix is in progress.