Have tried several pieces of footage, several comp sizes, frame rates, etc and the window says "Analyzing in Background" but nothing happens. Have also tried making a comp with just footage, comp info matches footage, still no dice. Not my first rodeo.
This is on an M1 mac machine. Have tried both native and in Rosetta.
Thanks for the quick response @Rick Gerard, the hero of the After Effects forums!
Of course, after a system restart (I turn this bad boy off at night), warp stabilizer is working in both versions of AE. This is the first time (in a long time) that a system restart fixed a pesky AE issue. I had restarted the app multiple times yesterday and assumed that was the end of the road. Lesson learned: a system restart sometimes works (like it's 1999 and I'm using Final Cut Pro lol).