Render in Place fills transparency in mogrt with black in Premiere Pro V24.0

I have some Mogrts I use all the time, and because I had been burned in the past with an update to Premiere changing the font in these mogrt titles, once I create them, I use Render and Replace on them. This has really saved a bunch of work when a past bug caused an issue with the fonts, but all the ones I had rendered were safe from changing. 

Today, I update to Premiere Pro 24.0 on a m2 Mac Book Pro. When I add the mogrt, make the changes to the text, and then hit Render and Replace. Now it renders all the transparent area of the mogrt with black. Can no longer see the layer below. Just the mogrt graphic on black. This was not the behaviour of Render and Replace before the update to 24.0.