I experienced this issue the moment I updated my Mac OS to Monterey. Was pissed off for a bit becasue I didn't know if it was a computer or PP problem. It's both. Mac doesn't care whether Abode works on their computers because they have Final Cut, so when they rip a new OS update every new year - there's bound to be bugs all up in this mf.
What I did:
1) Updated from an eraly version of Big Sur to Monterey...Bad move
2) Reinstalled the newest version of Big Sur, didn't fix it.
3) Went back to Catalina, fixed it.
For whatever reason the bug persists in later versions of Big Sur and the newer Monterey. I have not updated my OS to see if it's fixed or not. Low key not going too becasue it was a pain.