That was not the case with my project. I have the same issue with new projects as with old projects updated to the current version. It's outrageous to not be able to search a Premiere project with hundreds of clips. Please fix instead of dismissing this issue as "a dumping ground for everyone". This problem is real, frustrating, and serious.
We need more info please. Make sure you are ingesting and CF based media via Media Browser and try again. If it is not working, please file a bug here: Premiere Pro: Hot (4336 ideas) – Adobe video & audio apps