Adobe Premiere 25.5.0 Crashes When Using "Replace with After Effects Composition" - With Solution

 Premiere 25.5.0, After Effects 25.5.0, Mac M1 Sequoia 15.6.1

SYMPTOM:

Each time I call "Replace with After Effects Composition", AE loads, the Save as window comes up, and I immediately get the beach ball of death, impossible to save the AE project.

SOLUTION:

Force quit AE, Premiere is frozen. Force quit Premiere.

IN PREMIERE:

Preferences, Media Cache, Remove all media caches (Delete.) Select Delete all media cache files (require restart.)

Delete all media cache files (require restart.)

Hold Option while restarting Premiere. Reset options: check all but "Disable third party plugins (one time only.) Continue.

Reset all these but last

IN AFTER EFFECTS:

Settings, Startup & Repair, "Empty All Caches..."

Settings, Media & Disk Cache, "Empty Disk Cache", and "Clean Database & Cache".

Restart AE.

And now "Replace with After Effects Composition" is working as expected.