Metadata & Timecode Burn-In Yields Black Video

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

Steps to reproduce:
1. Place clip on timeline (h.264 MOV UHD-4k)

2. Find Video _ Metadata & Timecode Effect

3. Place effect on clip
 
Result: Black picture
Expected: Normal picture with timecode burn-in.

Making this worse is that when the effect is removed, the clip continues to render black.  Must delete and replace the clip to have active video again.

Metadata/Timecode Burn-In works fine on the current release version with the same footage.  The beta has the bug.

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