Proxy for 5.4K footage doesn't activate

I have 5.4K (5472x3078) footages taken with DJI Air 2S. It's encoded using HEVC format and in 10 bit depth.

When I create proxies for that file it never gets activated, though there are also 4K files and they have no problem with proxies. Which got me thinking that Premiere Pro can't show proxy for 5.4K files.

My proxy settings are H.264 Medium (720p)