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Good afternoon There was a problem during installation. The square in the middle, as seen in the image, is not affected by appearance effects.
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Delete the Media Cache and Media Cache files:
https://community.adobe.com/t5/premiere-pro/faq-how-to-clear-your-media-cache-in-30-seconds-in-premi...
Then try pressing Enter to render the timeline and turn the red line above the timeline to green.
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Thank you for reaching out. Can you check if there's a GPU update? Also, try switching to Software Only"? https://community.adobe.com/t5/premiere-pro-discussions/faq-how-to-change-the-video-renderer-in-prem...
Let us know how it goes.
Kartika