I'll post some of the big problems I'm encountering with Premiere Pro in hopes of finding others with similar issues. I also hope to find a solution!
As many others have encountered, any use of PNGs in the sequence create all sorts of ghosting issues with other, unrelated cached PNG files (despite emptying cache, etc) on render. I was able to find a temporary work-around by rendering directly from Premiere (not Media Encoder), but with each render found myself praying the PNG issue wouldn't return. It took all night to get my 4 renders to output correctly. Nothing like rolling the dice on every output especially when outputting for client delivery.
Another issue is that I no longer get any thumbnail/icons in the Project panel. Everything is completely grey. This goes for old projects that have been versioned up into 12.1 and brand new projects that I created as a test. The video sources are from multiple harddrives and origins to test if it's particular directories causing the issues, but alas, every thumb now shows up grey. I can mouse-over and see the videos scrub through as I hover, but when I move the mouse away, grey. No matter how I import the footage, what kind of footage, everything: grey.
Crashing. Wow, I've never met a more unstable version of Premiere. On my iMac Pro, the program decides it's done, freezes and requires a restart with every render, anytime I put the computer to sleep, and anytime I try to export the renders to Media Encoder. In fact, as I'm typing this post, it just froze up and crashed in the background.
I'm still nailing down the other bugs - there's seems to be plenty - but in the meantime, am I alone in these issues??