Crash opening Essential Graphics in 12.1.x; works in 12.0.1

I am unable to open Essential Graphics without a crash in 12.1.x versions of Premiere Pro. I can open it in 12.0.1 without an issue. I have tried reinstalling Premiere and clearing all media caches just to be sure. This happens on both of my editing computers which run completely different versions of Windows. It seems that the Lumetri Color panel is similarly broken.

This is a serious problem because I've already updated all of my working projects to 12.1 and 12.0 won't open them because they've been "upgraded." I may have to revert to the legacy titler to get text formatting working again. Why can't 12.1 projects open in 12.0 anyway? That doesn't even make any sense.