While it very well may be the new bug fix's fault, it could also be the footage you're using.
Try this -- Transcode your clip to a Quicktime in JPEG 2000, Photo JPEG, PNG, Animation or ProRes 422 (if you have it).
Try the auto trace again & see what happens.
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Why are you trying to auto-trace a text layer?
The crash is likely due to the font that you're using, but you shouldn't need to auto-trace it. You can convert a text layer to Bezier paths very easily...
The reason I'm trying to auto-trace the text layer is to create a mask to use with Video Copilot's Saber plugin. By cycling the animation of the plugin and overlaying it over the original text it makes it gives it this cool glowing outline look.
I had no idea there was already a way to convert text to paths built into after effects. I've outlined the steps below for any interested or experiencing the same problems.
The Fix: Select the text layer in the timeline that you would like to convert to paths (or shapes). With the layer selected switch to the pen tool. In the Composition window right click on the text layer and a sub-menu will popup. Choose "Create Paths from Text".
This method is quicker than my method before and best part of all is no crashes!
Thanks for the response Dave! I did end up finding the solution with a different method but either way hopefully Adobe addresses the crashing issue.