Getting a low-level exception occurred in Adobe Player (Player: 5) warning? Media Pending? Searched and found a thread about a similar error on (Player: 60). Confusing! What’s going on here?
Answer: Bug on Legacy Titler. You need to roll back to 14.0.4, use Software Only mode in Project Settings > General (not recommended-slow!), (unofficially, I can also suggest) install and use the Premiere Pro public beta, or finally, wait for the update (coming shortly).
Inside scoop: a fix is coming in an upcoming version of Premiere Pro, so do not fret.
Next: never, ever, ever, never, ever, use any tool called “Legacy.” If you have not yet heard this from Adobe, for the love of all that is holy: Stop Using Legacy Title!
To explain further, a bug in Legacy Titler from Premiere Pro (14.1) caused a lot of problems for a lot of editors still using Legacy Titler.
Why did this happen? Well, bugs happen—especially in those obvious places like obsolete tools. That’s why “Editor Kevin” suggests you avoid such tools.
That said, some are not even aware of the Essential Graphics panel or its associated titling tools. Is that you? If so, here’s some documentation to check out.
Others simply do not like the new tools (Hey! Old habits die hard!). Many prefer the simplicity of Legacy Titler over the newer tools. Others indicate that the new title tools do not fully replace every feature of Legacy Titler.
If you are against using the new tools altogether, the best place to give that feedback is on the User Voice channel. I just typed in “title” to the search and located the request most suitable for an upvote.
Whatever your reasons are to holding onto this dinosaur of a title tool, any tool labeled obsolete or legacy is removed from any NLE product at some point, so the advice is to begin moving away from these kinds of tools. Product Teams worldwide try to provide you at least one obvious hint that this thing is going away. In theory, use older tools only to restore legacy projects. Use any obsolete or legacy tools with extreme caution for a variety of workflow breaking reasons.
Still confused? See this article: FAQ: How to solve low-level exception error after updating to Premiere Pro 14.1
Again, the issue is fixed in an upcoming version of Premiere Pro. Once available, if you update to solve this issue, make sure to clear that media cache!