I am having the same problem. My image is a png with transparent background, but the transparency now is colorful horizontal lines. I cleared my media cache and media cache files and reopened Premiere and it fixed it for about 30 seconds. As soon as I did anything it changed it back to the lines in the background. I tried moving the png to a different location also, but no change. I reverted back to 12.0.1 and everything is working.
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