When applying effects it destroys the colour of the footage.

I forgot to post back. I did try the posterize time effect and it didn't change the color. Win 11-23H2, PP 24.5

I think you're having basic color management issues. Which is all in the Lumetri panel, SETTINGS tab, the one named settings.

Make sure that Display Color Management is on unless running a highly calibrated 'clean feed' monitor via a BlackMagic or AJA breakout device.

Auto detect log and auto tonemapping should be on for nearly all workflows. If you don't know already understand the specific technical reasons for turning them off, you need them on. 

Your sequence should probably be Rec.709.

Now your Mocha Pro ... are you applying that in Premiere, or via a dynamic link comp in Ae?

other plugin or effects from the effects tab is working fine. buti in posterize time effect or mocha pro it destroys the colour tried reinstalling premiere pro but no luck. tried reinstall mocha pro but still same thing is happening. 

https://streamable.com/1y4unu hi you can view it from here. thank you so much. 

It's hard to tell from the screenshots as we can only look at one at a time.

Which effect, like a simple dissolve? Is it happening when you apply the effect, just dragging it, or also once the effect is on? Do you have lumetri applied?