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If something takes a long time to render in After Effects, then you should probably just render and export the clip in After Effects and use that video file as an asset in Premiere Pro.
Dynamic Link link is good for some things, but not for everything. Don't force it.
You seem to have come to the same conclusion.
Thanks for your response. Is it possible to use pre-rendering in the way I described?
No, Dynamic Link points to a composition, not a rendered video file. And pre-rendering in After Effects replaces an instance of a nested composition with a rendered video file; it doesn't make it so that links to that composition somehow now link to that video file.
There may be a feature reuqest in there, though.
I have now been able to accomplish what I wanted to accomplish by nesting the composition into another composition. Now the parent composition just contains a rendered .mov (the pre-rendered composition) and premiere links to the parent composition. This prevents after effects from re-rendering the degrain and would allow me to go back and adjust the degrain if necessary. It is, however, a very circuitous workflow. Perhaps I should make a feature request as it would make more sense if a linked composition behaved as if it were "nested" in the premiere sequence.
That's a clever solution. I'm glad that you got it to work. Go ahead and make that feature request; it's a good one.