Premiere 23.1 Breaks Playback

I tried upgrading to Premiere Pro 23.1 back in December, and couldn't resolve this issue. I also just tried to upgrade again to 23.1 and faced the same issue. I cannot for the life of me seem to get video clips to play back. I get either Media Pending, or a black window. Sometimes I get the first frame of the video while the audio plays underneath. The clips change according to Motion settings (so it will punch into the first frame of a clip that is punched in on a 4K clip) once it reaches the edit point. I cleared the media cache, cleared preferences (shift+option on open), and also imported the project into a new project file, and none of these things seemed to alleviate the issue. I don't have hours to spend troubleshooting basic functionality, so I downgraded to Premiere 23.0, which fixes the issue.

I am editing off of an external hard disk, but these timelines are incredibly simple timelines using Quicktime MOVs and mp4s, and playback is smooth in 23.0.

I am running a 2019 16" Intel MacBook Pro with i9 Ninth-Generation CPU, AMD 5500M GPU, and 32GB of RAM with the newest iteration of MacOS Ventura installed.

Any advice would be appreciated. It seems like every several updates something essential gets broken. I'm just surprised this one hasn't been fixed as it is pretty major. I will make do with Premiere 23.0 for now.