I'm having the same issue right now across both my computers (a 2019 iMac and a late-2021 MacBook Pro). When I am in Premiere Pro and I try to use Dynamic Link in anyway (exporting a sequence with Media Encoder, replacing clip with After Effects composition, importing AE composition), the program freezes and I get the spinning color wheel forever until I finally force quit Premiere.
I'm running the latest versions of all programs on both computers. I've tried resetting preferences, uninstalling/reinstalling the entire Adobe CC, and using Rosetta mode. None of them work.