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It also disabled the ability to drag and drop favorites into your own folder in Effects window. Went back to 14.4 and everything worked.MacOS 10.13
I'm having the same issue with the Project window. Limited functionality. Can't even move an item into a bin with 14.5. Gone back to 14.4 and works fine
Refer to this FAQ.
We're all facing the same issue, there's a workaround for now until they fix it in the next update.
Beta 14.6 fixes this.