Adjustment layer stops working with text layer over or underneath it

Delete the Media Cache and Media Cache files:
https://community.adobe.com/t5/premiere-pro/faq-how-to-clear-your-media-cache-in-30-seconds-in-premiere-pro-2020/m-p/11017257/thread-id/260446?page=1
Then try pressing Enter to render the timeline and turn the red line above the timeline to green.

Adjustment layers are typically used to have an effect touch every visible part of a layer below.

What type of effect are you applying to the adjustment layer?

Help us help you.

can you post your system specs and which version of premiere pro you are using?

let us know more which effects/presets you used on the adjustment layer and

which ones over the other clips in your timeline.

did you try to switch renderers from project settings?

if you are using the transform effect, try switching off 'use composition shutter angle'

I think this is a bug, I just recreated the text layer and before applying any of the presets I changed the scale of the text to 101 instead of 100 and it works perfectly fine as expected. But when it's set to 100 it doesn't work with an adjustment layer... weird.