Black and white lumetri filters not working after update to PPro 2018

I updated Premiere Pro and now the Universal Lumetri presets aren't working properly with an older project. Instead of being black and white (e.g. SL Noir...), it looks as if the opacity has been turned down on the filter and everything is weirdly washed out.

I may just be missing something very simple here, but any help is appreciated!