GPU Accelerator greyed out on m1 macbook pro with macos monterey

Hi. I have an M1 Macbook Pro and premiere pro has been working great until I updated it to version 22.0. There is basically no playback, and my cpu is always running near or at 100% while my gpu does nothing. Also, the gpu accelerator is greyed out so i think it's not being able to utilize my gpu cores. Please help