Premiere Pro - After effect dynamic links

If you are creating custom graphics, the most efficient workflow would be to create those graphics in After Effects using the Essential Graphics workspace, build your animated graphics using placeholder text, and then export a MOGRT. You set Premiere Pro's workspace to Graphics, import your MOGRT, and then drag it above the video clips where you want to add your new animated graphics.

Doing a Replace with After Effects Composition will require repeating the animation or copying and pasting the animations you have created every time you want a new graphic. The overall render time will also increase. 

Here are some resources for learning how to use Essential Graphics to create MOGRTs for Premiere Pro:

Create Motion Graphics templates with Essential Graphics panel - Adobe Inc.

How to Use the Essential Graphics Panel - School of Motion

If you are concerned with just creating a title or a graphic that you may need to edit layer, here's my recommended workflow:

1. Copy the original clip or clips you want to use for your AE project in the Premiere Pro sequence
2. Paste them above the original clip so that they line up (I usually change the Label Color to identify the clip/clips in the sequence)
3. Select the top copy of the clips and select Replace With After Effects Composition
        (You should now have only the top copy of the footage replaced with an AE comp)
4. Save your comp, create your animation, save the comp again, and then run a full-resolution RAM preview in After Effects to check the render time.
5. If the comp takes more than a second or two to render a frame, it is a good idea to choose the Composition/Pre-Render menu to render a high-quality copy of the animation that you can drag into the Premiere Pro sequence and place above the AE Comp. You can then turn off the layer with the rendered comp.

Keeping the nested Comp in the sequence allows you to update the comp at any time. If you rendered the comp because it was complex and took a long time to render, you can still open the comp and edit it again, then render a new copy. If you do not need to render the comp, you can still edit that comp at any time, and the changes will automatically appear in the Premiere Pro sequence.

I hope this helps. Only about one out of twenty of my Premiere Pro sequences end up with an active nested AE comp, but many of my projects need to have more than a third of the shots modified or fixed in some way in After Effects. When that kind of work is required, I almost always render and replace instead of keeping the Dynamic Link active because it cuts the final render time way down and makes the Premiere Pro timeline more responsive.