Proxies created but results in a video of still image only

BTW: Yes, delete the cache before or right after each upgrade. 

Adobe has made it a bit easier with the recent releases. Simply hold down shift while you start PP, a dialog will pop-up and you can select from the options there, one of which is to delete the cache.

https://helpx.adobe.com/premiere-pro/kb/clear-cache.html

Yea, dumping cache files often fixes wonkiness. Glad you found and tried it!

The D-log-M is "easier" than log, because it isn't as different from "standard" media as log. So yes, easier to learn at the start. And while you can create your own LUT easy enough in Lumetri for use with it, you can as easily save a Lumetri preset to apply to the clips, which ... as it's a full instance of Lumetri with the settings as saved ... you can modify a titch here & there right easily.

Drag/drop onto a whole bin of clips in the Project panel, it will 'appear' on any piece of any of those clips anywhere in the project.

Thanks for the info. I did not know any of that about the D-Log-m format but I have had pretty good results using the input lut from the dji website. Not too difficult to work with, me being an amature. I already found the solution about the same time you posted and just finished making a reply to that effect. Check it out for details.

I found a solution that I somehow missed earlier out the 4000 search results. There was a post from Feb 2020 about deleting media cache files which they actually recommended doing every time you update Premiere Pro which I have never done before. I deleted all my Premiere Pro Media Cache files and for good measure also deleted my Media Encoder Media Cache files. Not sure if deleting Media Encoder Media Cache files mattered, but the problem appears to be resolved now.

Here is a link to the post I was looking at. I think the process is slightly different that it was at that time, but not hard to figure out.  https://community.adobe.com/t5/premiere-pro-discussions/faq-after-updating-premiere-pro-should-you-delete-media-cache/m-p/10939958#M253901

Some screen shots of what I did with yellow arrows added by me. I chose to delete all media cache files which is not the default setting. No projects can be open when doing this and Premiere Pro will automatically restart after you click OK. The first two screen shots are Premiere Pro and the last one is Media Encoder.

What is your CPU/GPU?

Are the original files playing back normally?

D-log-M is well ... not actually log. As, it's not actually log-encoded, that is, written to card in a logarithmic math format. It's a camera profile setting, using very "flat" settings for contrast and saturation btw. Naming it that way is pretty confusing. And it's "easier to grade" as their marketing hype says simply because it doesn't need  a full normalization process to get a full-range Rec.709 image on-screen.

I probably should have mentioned that the source files I am working with are DJI D-Log M files.