I have been structuring a rolling project on Adobe Premiere 2021/v15. I recently updated my MacBook Pro to Monterey, which came almost at the same time as when the entire Adobe Suite upgraded to version 22.

My project contained linked Compositions from After Effects, as well as pre-rendered ones. The entire project was stored on an external NVMe, with some pre-renders inside the local drive.

When Premiere asked me to convert the project, I selected a new filename. The next thing that happened is that it had lost much of the files that were located in the same place. It could also not recognize cache files (mpeg) that were previously done.

As I tried to re-link a ProRes movie file (from the original location, where Premiere failed to spot), Premiere stayed on the loading/caching process and remained there with 0% CPU usage. This error was repeated several times.

Still files and audio files also were "lost," while their location was still under the pre-defined project folder.

All compositions that were linked to After Effects failed completely and could not be double-clicked to open.

Trying to re-render the timeline In-to-Out ended in an unresponsive Premiere.

Eventually, I downgraded Premiere Pro, After Effects, and Media Encoder to their previous versions. I loaded up the original project and - like a miracle - everything worked again and the files were "located" again - since they were never moved.

This is an extreme incompatibility issue. Please look into it.

My System:
MacBook Pro, Intel Core i9 (8-core)
32GB RAM
Radeon Pro 5500M 8GB
1TB Internal NVMe
2TB external NVMe