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A lot of editors like to use some of the VR effects found in Premiere Pro, even if they are not using VR clips. These are fine to use, but they can throw a warning if you are not aware of how they work.
Smushcan, a mod on Reddit explains:
This will be an effects order thing. If you have a CPU effect later in the effects order than a GPU accelerated effect, the accelerated effect will be rendered on the CPU instead (and an error will be triggered in the form of a red banner appearing in the Program Monitor).
However all the VR effects are GPU only and can't be rendered on the CPU, so you'll get the error.
The simplest fix will (probably) be to nest the clip. Apply the CPU-only effect (wave warp) inside the nest, and apply the VR effect to the nest itself, or apply the VR effect to an adjustment layer above the clip (and everything else!)
This page explains how the effects order in Premiere is worked out. (an article from the makers of Neat Video)
Even if you're not using the VR effects, it's worth keeping the effects order in mind when working with other GPU accelerated effects, as they'll render a lot slower if forced through the CPU.
Thanks to Smushkan for clarifying the issue.
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