Metadata & Timecode Burn-in is not working with latest update 26.3.0 (Build 54)

I’m using the timecode feature for a countdown timer. I was working with another video earlier before an update. It worked just fine and I was able to encode and publish. Updated to 26.3.0 and the timecode is now tuck at a random time and doesn’t respond to any changes. My computer at home was updated to 26.3.0 with the same problem.

To dupe:

• Create a Transparent Video layer
  • In the Project panel, go to File > New > Transparent Video (or right-click > New Item > Transparent Video).
  • Match your sequence settings and set the duration to your desired countdown length (e.g., 30 seconds).
  • Drag it to a track above your main footage on the timeline.
• Apply the Timecode effect
  • Go to the Effects panel and search for "Timecode" or "Metadata & Timecode Burn-in".
  • Drag the effect onto your transparent video clip.
  • In Effect Controls:
    • Set Timecode Source to Generate Timecode
    • Adjust Position, Size, and Opacity to place and style the numbers

*** At this time: Scrubbing should show the timer move with the play head. But it’s stuck in some numbered time. Any changes in the Effect Controls for metadata doesn’t do anything. 

• Make it count down (Reverse it)
  • Right-click the transparent video clip on the timeline → Speed/Duration.
  • Check Reverse Speed.
  • Now it will count down from your starting time instead of up.