Dynamic linked composition is 'Media Pending' unless After Effects project is open

I have an After Effects composition on my Premiere Pro timeline.

Every time I open the project, the composition is stuck on 'Media Pending' for an indefinite amount of time (I assume, permanently). The only way to get this not pending is to open the After Effects composition.

However, if I then close After Effects, the composition will at some point appear as Media Pending again.

Surely this isn't the expected behaviour?

Macbook Pro 16" 2019

MacOS Ventura 13.2.1

After Effects 23.4.0 (Build 53)

Premiere Pro 23.4.0 (Build 56)