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 GPUonlyand 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)insidethe 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!)