Updating to 25.3 caused issues with Premiere as well as Media Encoder communicating with Lucid Link. The files affected are proxy video files (Quicktime - MPEG-4 - 1920x1080, 23.98).
I get a continuous stream of "Error retrieving frames" messages during playback and rendering. This affects all my projects, but only the proxy video files. I pinned all the media in Lucid to the internal drive, same issue. Rebooted, shutdown and restarted, cleared prefrences and cache files, same issue.
Going back to Premiere 25.2.3 and ME 25.2 fixed the issue.
Apple M2 Max
96GB
OS Sequoia 15.1