Selecting Color Workspace causes Premiere Pro to freeze

In attempting to color grade a file, Premiere Pro freezes when opening the Color tab. The preview window becomes pixelated and I receive a loading pinwheel. The only fix is to force close the app. Upon reopening the app, I sometimes receive a critical error message asking if I would like to save a recovery file.

On occasion, it will open the Color tab, but I would say it's only about 20% of the time.