Pixelmator Pro video import appears yellow on Mac Studio

On my Mac Studio (running Sequoia 15.7.2), if I import a video into Pixelmator Pro, all I see is yellow. I can click the play button and hear its audio, but nothing I do lets me see the actual video. See the attached screenshot.

If I try the same thing on my M1 MacBook Pro (same video, same OS), it looks fine.

Any ideas how to troubleshoot this?