Transparent Background Motion Graphics now has Black Background

Last time I opened Premiere Pro the Motion Graphics I were using didn't have a black background, now they do. I use a nested sequence at the end of my videos to prompt viewers to subscribe. I appears Premiere isn't reading the file as having a transparent background where it was before.

Here is a screenshot of the video on YouTube:

Here is the same video now in Premiere Pro (24.4.1 build 2):

Here's my timeline & the file properties:

 Please help