Interpret footage not working

Interpret footage not working correctly. Modifying clip from 60fps to 30 fps does indeed increase clip length like you would expect. But, when you lay the modified clip on a 29.97fps sequence, it still plays back at normal speed, and not half-speed like it should. 

Steps to reproduce:
    1. ...
 
Result: ...
Expected: ...
 
System info
    Application: Premiere Pro (Beta) v22.2.0.105
    OS: macOS v12.0.1, RAM: 64.00 GB GB, CPUs (logical): 20