Flickering with shadows/highlights in timeline
It appears that this has also been an issue in Premiere Pro since 2010. This is not a flickering issue due to layers as I hid them all to make sure I wasn't going insane.
With this adjustment setting, highlight settings I didn't even make come to life at different points of the gif, when played in timeline and upon saving. I will not be able to share a file of this as the attachment size is too small.
If this cannot be fixed, it should be an adjustment that can be added as a layer in the adjustments panel rather than a smart filter.
