Adjustment layer is not applying effects

This was an issue with me as well. I hadn't updated my Premiere for a few months because I was away from editing. When I came back, I upgraded and the first thing I noticed was that all of a sudden, none of the effects I'd applied to the adjustment layer in any of my projects were affecting the clips underneath anymore. I tried new projects and it was the same. It was also super buggy in general.

After updating to the latest version, though, which is stable again, I thought it still had the AL issue only this time, there was just a weird delay. In the past, as soon as I applied an effect to the AL, I'd see the change. Now, it's like I apply the effect and it takes a few minutes to visually show. After that, all of the adjustments I make to it are instant again. I'm not sure if something about the latest version is more resource intensive in that area but at least it's working lol

I am working on PC,so i tested it on my laptop and it's the same "issue".My friend tested it on his PC and it's the same "issue".So i think it's not a bug,but a feature.Im wondering why is that? The answer is on https://community.adobe.com/t5/premiere-pro-discussions/can-t-make-any-opacity-in-adjustment-layer/m-p/9798312

I was just testing Con. Kernel/Light Emboss, and on an AL, as soon as I changed something, playback went black screen.

Applied to a clip, it worked as expected. I know some effects do not work or become wonky when used on an AL rather than actual media. Perhaps this may be one of those.

Neil

Try resetting the preferences:
https://community.adobe.com/t5/premiere-pro/faq-how-to-reset-trash-preferences-in-premiere-pro/td-p/8236158?page=1

If that doesn't work, try resetting the Workspaces:
Reset a workspace
Reset the current workspace to return to its original, saved layout of panels.
1. Do one of the following:
• Click the Workspace menu icon and select Reset to Saved Layout.
• Choose Window > Workspace > Reset to Saved Layout.
from here:
https://helpx.adobe.com/premiere-pro/using/workspaces.html

If that doesn't work, try Preferences > Audio Hardware and set Input to None.

If that doesn’t work, try updating or rolling back your graphics driver directly from the video card manufacturer’s site. If NVIDIA, do a clean installation of the the 517.40 Studio Driver (NOT the Game Driver)

If that doesn't work, try creating a new project and import the old one into it.

Delete the Media Cache and Media Cache files:
https://community.adobe.com/t5/premiere-pro/faq-how-to-clear-your-media-cache-in-30-seconds-in-premiere-pro-2020/m-p/11017257/thread-id/260446?page=1
Then try pressing Enter to render the timeline and turn the red line above the timeline to green.

Why Ann commented was you have the GlobalFx Mute icon toggled to its 'on' state ... so that is the first part of the troubleshooting work. That MUST be turned off, or you will not see any effects applied whatsoever.

Your layer opacity is 23%, after turning off the Fx mute, turn that up a chunk. Let's see the result then. Just want to get seeing something, worry about pretty adjustments later.

Neil