Motion Graphics Template Never Loads, Premiere Freezes

I have a custom motion graphics template that I have been using for many projects. However, ever since I updated Premiere to the latest version, when I try to drag and drop the motion graphics template into my project, the "loading motion graphics template" gets to 15% and then freezes.

I try to click cancel but can't. I have no choice but to close Premiere using task manager. When I hit "end task," Premiere says something like 'please install the latest version of After Effects to use this template' and then shuts down.

But I do have the latest version of After Effects installed.

I have tried reexporting the template by opening the .mograph in After Effects 2022, but this did not work. I have tried restarting my machine and it also does not work.

I am on a PC.