Bug: Renders with missing media even though it is not missing
In Premiere, I can export a sequence with motion graphic templates and it renders correctly. If I send the same sequence to Media Encoder the media asset in the mogrt goes missing and does not prompt me it is missing it renders it with the media as color bars. I only noticed it in the render preview window in Media Encoder.

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Projectile Objects commented
I'm experiencing the same thing after updating all Adobe apps. I've confirmed multiple times and all my media is linked, yet Media Encoder says 49 clips are missing and it will render from Proxy. Both Premiere Pro 22.3 and Media Encoder 22.3 do not export correctly. Adobe released broken software.
It now fails to compile videos:
Error compiling movie.
Accelerated Renderer Error
Unable to produce frame.
Writing with exporter: H.264
Writing to file: /Trailer 07 (2022)_YouTube.mp4
Writing file type: H264
Around timecode: 00:01:08:11 - 00:01:08:20
Rendering at offset: 67.333 seconds
Component: H.264 of type Exporter
Selector: 9
Error code: -1609629695 -
JeanMarie Nohra commented
if only i saw this post before! i just wasted 6h trying several things... to discover the same issue!!