Clicking "Auto Tone" button doesn't change any values on M1 Mac

Issue: Clicking "Auto Tone" button in Lumetri Color panel doesn't change any values and the colors of the clip remain the same.

Description: Since the new Auto Tone feature was announced, clicking the button in the Lumetri Color panel doesn't do anything on an M1 Mac. All the sliders stay at the default values. This happens in the native beta versions as well as running the Intel builds through Rosetta. This has happened in every beta build I've downloaded since the feature was introduced. The feature description mentions that it's not compatible with LOG footage, which I am not using. I also tried it on footage from both Sony and Panasonic cameras to no success.

Current Premiere beta build: 22.1.0.62

Specs:

M1 MacBook Pro (2020)

16GB RAM

macOS 11.6