Color workspace not working, button editor not working Apple silicon

[Aaron5CE4]

I'm operating on a new Mac Studio M1 Ultra, Premiere has been updated and reinstalled within the last 2 days. 

I can't use the Color workspace. When I make adjustments, I can see changes in the source monitor, but not the program monitor (see video). 

I read suggestions to click the global FX mute button, but I can't use the button editor to drag the button into my bar (see video as well). 

Please help! This makes Premiere practically unusable for me and I'm tempted to bite the bullet and just switch to Resolve now–kinda the last straw here. 

[Aaron5CE4]

Also of note, if I render my sequence, the color changes show up. However, it's not feasible to color correct without real-time results. Please advise!