That’s reassuring to know I’m not the only one experiencing this. After posting this thread yesterday, I think I figure out a way around this. I haven’t tried what Chris said, but from his workaround, it sounds like the issue is definitely some bug with the effect and you just have to trick it into finally initializing.
I also have a found a work-around of sorts, but it’s not legit by any means, and the bug still remains an issue. Usually when I edit I have 3-5 video tracks I work with (my personal preference of easily seeing where sections and certain clips are). So a lot of these clips are stacked and overlapped. I tried dragging around the in and out points of the clips. I made both ends longer and then shortened it back again. For some reason, changing the length of the clip a few times seemed to kick it into gear. (Mind you I didn’t change the actual vid. Just moved the in an out points in an exaggerated way. Then brought them back in. It’s definitely no official solution, but when it seems to be an unsolved problem, this at least has allowed me to get around it somewhat. I’ve also been having huge issues with my Premiere and AE locking up and crashing as of late.
Hope this helped!