Timecode Time Display defaults to 60 non drop frame when clip and timeline is 30 drop

I apply the timecode effect to a all clips in my timeline and they all default to displaying 60 Non-Drop Frame, which is not matching the Sequence Setting nor the Source Clip setting.  In past builds it would match the Time Display to the source/sequence setting. In PP 2022 (just updated since corporate account) the Time Display is defaulted to 60 Non-Drop Frame, no matter what I apply it to.

Is this a bug or is there a setting somewhere I can change so it defaults to 30 drop? As I mentioned this just started after we moved to PP 2022

Premiere Pro 22.5.0 (Build 62)   Mac OS 13.0  

Sequence setting: 29.97   Clip on timeline: 29.97

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Moderator note: Please edit this post to complete the bug report template below. Information about your system and media is helpful.

• Issue - Clips with the Timecode Effect are applied to display 60 Non-Drop Frames, which does not match the Sequence Setting or the Source Clip settings.
• Adobe Premiere Pro version number: v.22.5.
• Operating system - macOS 13.0
• System Info: CPU, GPU, RAM, HD: Please fill in information about your Mac.

  • CPU

  • GPU and Driver Version

  • RAM

  • Hard Drive (and, if external, how the drive is connected: USB 3, Thunderbolt, etc.).

• Video format: 
  • Please provide information about your media.
  • Provide information about the type of video you're using. For example, XAVC-I 4:2:2 10-bit.
  • If you're unsure, let us know what settings you selected on the camera.
  • Sharing a sample file is useful if you don't have access to the camera. 
• Workflow details: Tell us if any specific info about the project or sequence if helpful. For example, is it a Multicam sequence?
• Steps to reproduce - Exact steps in a numbered list are needed to reproduce the problem.  
  • Edit clips to the Timeline.
  • Apply the Timecode effect
  • Note the results in the Timecode displayed on the Program Monitor. 
• Expected result: Clips with the Timecode Effect applied to display the 60 Non-Drop Frame timecode match the Sequence Setting and the Source Clip settings.
• Actual result - Clips with the Timecode Effect applied to display the 60 Non-Drop Frame timecode do not match the Sequence Setting and the Source Clip settings.

Optional but helpful: upload media, project files, screenshots, or screen recordings demonstrating the issue.