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I haven't found a solution to this yet - seems to be a bug. Any help would be appreciated!
Premiere Pro v15 2021
AMD Ryzen 9 3900X 12-Core Processor 3.80 GHz
64.0 GB DDR4 RAM
NVIDIA GeForce GTX970 GPU
Windows 10 pro 64bit
Every time I select a clip and adjust an effect (even motion / capacity), the effects panel disappears and "no clip selected" comes up, even though I definitely do have a clip selected. I then have to click on and off the clip several times to make the effects panel show again (and not show "no clip selected")
I've noticed from forums that this is a very old and as yet unresolved bug.
Ironically I didn't have this problem on 2020 and earlier versions.
The only fix I've found is that if you do a quick save ctrl+s it refreshes which brings back the effects panel.
Obviously I don't want to do this every time!
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I would try resetting preferences.
Close Premiere. Hold down Shift/Control/Alt and click on the icon to open the app.
Keep holding the keys down and let your system make changes.
Then re-open the project.
I hope that this helps
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I know this is a rather old post, but I just had the same problem in Premiere Pro v23.6.2 and also stumbled upon a solution. By just closing a Source window I had on a different panel, this problem disappeared for me. Hope this might help someone else. Cheers