Mac: Alpha matte transparency issues after updating to Sonoma

After installing this OS (Sonoma 14.4) update on my MacBook, transparencies are no longer functioning properly in my projects.
I have a .MOV file (Apple PreRes 4444, straight alpha) that displays with a black background on my projects. It also exports this way.

When I open the same project on my colleage's machine running Ventura, everything looks and functions perfectly.

A clean install of Premiere Pro has not resolved this issue.