This issue has been fixed in 23.5 which is now available. Please update to get the fix.
We are aware of an issue in Premiere Pro version 23.4: when transcribed clips in a timeline are taken offline and relinked, clips shift and reset to the first frame. Effects, transitions, and speed changes can also be removed or impacted. Our engineers understand the problem well, and we are testing fixes internally right now. We have put a fix into Public Beta and will get the fix into an official release ASAP. I will update this post with more details as soon as I learn them.
If you are experiencing this problem:
If you get the media relinking dialog in 23.4 and you have previously used transcription, close and do not save the project. Make a backup of your project file just to be safe.
Workaround #1 – Restore media
Put the media back in its original location so no relinking is required.
* There are many cases where this is not possible; try one of the following:
Workaround #2 – Beta
Download Premiere Pro beta version 23.6.0 build 02 or later
Open in beta, reconnect the media, and ensure the sequence looks correct.
You may choose to just work in Beta –or– save and open in 23.4
Workaround #3 – XML
Export XML (File > Export > Final Cut Pro XML) from the original system that has properly connected media.
Import the XML into a new project on the new system and reconnect the media
* Please take note – not all aspects of the sequence will be reproduced by the XML
Workaround #4 – revert to Premiere Pro 23.3
Open Creative Cloud Desktop app
Click on All Apps
Find Premiere Pro
From the three dots on the right, choose “Other versions”