Premiere Not Opening in Big Sur with Waves plugins

[#1]

I have Premiere 14.9 installed on a MacBook Pro running Big Sur 11.2.1. The Waves plugins are v12 so fully up-to-date. Premiere launches properly if the project is new or does NOT contain any Waves plugins that are being used in the project; however, if the project contains plugins that are being used in one or more timelines then Premiere will not launch that particular project (the blue progress bar makes it approx. 85% and then nothing). At that point I have to force quit Premiere, open a new project and then import the old project. This allows me to continue editing in the project but once I close the project the same problem returns. Any ideas?

[#2]

Import project into a new project.

See how that goes.

[#3]

You're right that that does work but very inconvenient if I have to re-import everytime I work on the project.