Artifacts on both video render and video export. PE2023

Premiere Elements 2023 - OS X - Apple Silicon

I'm getting massive artifacts when applying any effect to footage in both the render and the export.

I'm trying to do a very simple color grade.  Nothing crazy.

Both the footage and the sequence are 3840 x 2160 / Pixel Aspect Ratio 1.0

I think Premiere Elements can't handle: DJI's D-Cinelike Color Profile --- but others have color graded their footage using it no problem.

Footage Video Codec is:  MP4/MOV  H.264 10 bit 4:2:0

Issue still occurs if I check / uncheck Max Bit Depth on Render too.

The attached file is the 10 second color grade using iMovie vs Premiere Elements.  The comparison is to show that it's not the footage as the issue.

Suggestions?