On MacOS, Premiere can't relink to any assets stored within Users > Libraries, meaning many cloud services including OneDrive (specifically cloud services that place their files in the Users > Library > CloudStorage location) are no longer compatible with Premiere Pro.
I believe the issue is that this is a hidden folder and Premiere's 'Locate Missing Media' window can't open hidden folders. This wouldn't be an issue if Premiere could use the default operating system file navigator.