All Program Monitor UI overlays missing no mask handles, text cursor, or clip selection box

Issue:
All interactive UI overlays in the Program Monitor are not displayed. Specifically:
- No bounding box when a clip is selected in the timeline
- No mask outline or handles when creating/editing masks (Opacity, Crop, etc.)
- No text cursor when editing text
- No text selection highlight when selecting text

Video plays normally and effects apply correctly, but no interactive UI is drawn over the Program Monitor making masking and text editing impossible.

Steps already tried:
- Toggled "Overlays" via wrench menu (enabled)
- Switched between Editing Overlay / V1 Only / Custom Overlay presets
- Reset workspace (Window > Workspaces > Reset to Saved Layout)
- Full uninstall + clean reinstall of Premiere Pro
- Updated NVIDIA Studio Driver
- Double-clicked clip in Program Monitor
- Tested on a brand new sequence (same issue)
- Renderer dropdown is greyed out (cannot switch to Software Only)

System:
- OS: Windows 11
- CPU: Intel i9-14900KF
- GPU: NVIDIA RTX 5070
- RAM: 64GB DDR5
- Premiere Pro version:26.2