White Screen whenever video effect is applied in Prem Pro 15.4

[OwenPez]

I'm on Premiere Pro 15.4 and whenever I apply a video effect (e.g. Replicate or Warp Stabilizer,) the screen goes white. This isn't just the program monitor, upon exporting the video is white as well during the duration of the effect. Turning off the FX fixes the issue. 

I am working off of an M1 Macbook Pro.

[Kevin-Monahan]

Sorry, Owen! 8 or 16 GB RAM? What kind of footage?

Thanks,
Kevin