Punching Hole in "P" with Clipping Path in AI 2025

I don't use clipping paths much, so every time I need to do one I usually do a quick Goog;le search beforehand and have no problems with it. I just upgraded to Illustrator 2025 and it looks like they've changed how clipping paths work. Either that or I'm forgetting a small-but-crucial step. I'm trying to punch the hole in a letter "P" but I can't get the clipping path to work. I've tried using Object > Clipping Path > Make, and I've treid using Pathfinder, but no luck so far. I'm attaching a simplified file with the two paths if anyone wants to take a shot and let me know what I forgot to do.  Greatly appreciated in advance!!