Premiere sequence timecode doesn't conform to clip source timecode upon creation

Hi there. I'm working in Premiere 26.0 on my 2025 Mac Studio (M4 Max, Tahoe 26.1, 36Gb Ram). For some reason, when I create a new sequence by dragging a clip onto the icon in the project panel, that sequence defaults to 0 instead of matching the clip timecode. I’ve tried clicking the “Set by first clip” box but it only changes for the individual sequence, not globally. Is this a bug? Is there a new setting i’m missing? Thank you.