You can encounter a specific case when working in the Premiere Pro and using the Dynamic link.
The situation may be in the following scenario. You want to add a transition from After Effects between two clips, where one of the clips is a composition from After Effects via Dynamic Link or both clips are compositions from After Effects. For this to work and you do not get a screen with a missing footage, you must first make a prerender for each of the clips. How to do this is shown in the video tutorial below.
Video Tutorial
How to use After Effects Transitions in Premiere Pro – Specific Case

Key points from video tutorial (steps in text mode)
Using the steps below, you can make a prerender for a clip. This action must always be performed if you used a clip through the Dynamic link and want to use the resulting composition back.
- Select the desired clip-composition and then right click. Next, select Render and Replace.
- In the appeared window with the settings you need to specify the necessary values. In the Source field, select the value “Individual Clips” and click OK. As a result, the color of the bar above the clip will change to yellow
- If you need to bring this back, you can do this by selecting menu “Restore unrendered”.