Hi, the trusty "New Comp From Selection" command is perrenially greyed out. I've tried new projects, updating, searching for info, but have come up with nothing. Anyone know whats going on? Major timesaver unavailable! See image.
Your screenshot shows two layers selected in the timeline, no menus, no popups, and one comp selected in the Project Panel.
If you are trying to create a comp from the selected layer and the Layer/Precompose menu is grayed out try using the keyboard shortcut Ctrl/Cmnd + C.
If you are trying to create a composition from the selected assets in the Project Panel and the File/New Composition From Selected menu is grayed out try using the shortcut key Alt/Option + \
If none of that works, try resetting your preferences by renaming the file found in the Preferences/General tab at the bottom where it says you can browse to the file, or close AE and hold down the Shift + Alt/Option + Ctrl/CMnd keys while opening the program by clicking on the program icon.
If none of that works, uninstall AE using the Creative Cloud app, then re-install.