Transcription of Source Clips Not Working

I have tested source transcription of files in Premiere Pro in both 24.4.0 and beta applications on both my Intel iMac and my Apple Silicon MBP. When I open my interview footage with crystal clear audio from a lavalier mic, the transcription fails to find almost any audio at all on any clip I run through it.

I've seen a few threads about folks having trouble with transcription but nothing seemed too recent so I figured I'd post a fresh one.