Just replying to this in case anyone is having the same problem as me in the future and ended up finding this thread while searching for a solution:
So I had a similar problem, in that I was supplied with 1080p footage/rushes, and had gone a long way with editing a multicam timeline with keyframed motion/framing changes etc, only to then be told that there was 4k footage after all, and that the footage I’d been working with had been downscaled.
So – create a 4k timeline and copy the 1080p timeline over, offline the 1080p clips, then relink them to the identical (except for resolution) 4k clips. Should work, right? Wrong. Premiere went absolutely crazy, not just not replicating the various keyframes and motion effects, but messing up the 4k clips themselves, cutting off tops, bottoms of them, all sorts.
The solution? Premiere seems to have a bug where it CAN’T RELINK TO OTHER RESOLUTION CLIPS IF THEY’RE IN MULTI-CAMERA, and keep the scaling/framing/effects intact. As soon as I selected all the clips, right clicked and set Multi cam to ‘flatten’, and then repeated the process (making clips offline, then linking to the alternate 4k footage) – worked great.
Hope this saves someone a headache in the future! 🙂