Metadata & Timecode Burn-In Doesn't

I need to do scene by scene window dub for a client:

Steps to reproduce:
    1. Place clip on timeline

2. Find Video _ Metadata & Timecode Effect

3. Place effect on clip
 
Result: Black picture
Expected: Normal picture with timecode burnin.

Additionally (and more alarmingly)...

4. Remove Metadata & Timecode Effect from clip

Result: Clip still shows as black frame. Yellow line in timeline (normally seen with soucre) is gone. First frame thumbnail shows the clip as it should.

Source is 4K UHD SDR h.264 MOV
 
System info
    Application: Premiere Pro (Beta) v25.1.0.55
    OS: Windows v10.0.22631, RAM: 63.83 GB GB, CPUs (logical): 16