File Import Shows Incorrect Duration

When importing files, Premiere incorrectly reports the duration as 12 hours, regardless of the file's actual duration.

Steps to reproduce:
    1. Import any file.

Result: File duration is incorrectly determined as 12:00:00:00
Expected: Duration should reflect the file's actual duration. In this case, 00:46:57:22
 System info
    Application: Premiere Pro (Beta) v23.4.0.30
    OS: macOS v13.2.1, RAM: 64.00 GB GB, CPUs (logical): 10