"Render Audio" does not report progress in v23.1.0

In past versions of Premiere, rendering audio (specifically for a multicam sequence with audio effects applied to the clips inside the multicam) gave a progress status in the dialog brought up by selecting the "Render Audio" option. In v23.1.0, rendering appears frozen despite the clips being read from disk. However, after a certain amount of time, the render will finish correctly and waveforms will appear. On longer sequences, I have no idea how long rendering audio will take because the progress dialog does not advance.

This occurs on both macOS 12.6 and Windows 10 where rendering audio only results in a non-advancing progress status. Render In to Out or Render Effects is not affected by this.