[Fix] A low-level exception occurred Premiere Pro: Adobe Player (Player:76)

Instagram reels, tik tok, shorts videos to premiere pro showing error. A low-level exception occurred Premiere Pro: Adobe (Player:76)

This error is due to the Video Playback and Rendering Settings, There is an easy fix given below.

Goto Project Settings > Genera > Video Rendering and Playback > Mercury Playback Engine Software Only

Here is the replay from Adobe for fixing this issue.