It really is a strange bug … have you tried copying the whole project folder to another driver? As said, it was the only thing I did: moved project folder off SSD to RAID – nothing else changed, within 3min got Premiere working as it should by just moving the project folder (containing footage, project file …).
But what both of projects have in common: they are placed on a SSD.
I also tried before moving to the RAID editing off the internal SSD, was the same. Don’t have any knowledge if SSD’s are being treated different than normal hard drives by an NLE.