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I'm a Productioon Premium user.
Dynamic Link has given me grief over a period of time for what I can see are no reasons, except and by accident I found the solution to my problem concerning this infuriating issue. No doubt there are other conditions that trigger this licensing safeguard.
Always (which is a good point in troubleshooting in this digital minefield), Prem Pro threw up this message if I created a new After Effects project then proceeded to use "Replace with After Effects Composition" for the first time.
Simple (in my case): close and reopen the new After Effects project. Solution - don't know why it keeps doing this (on occasions). It's what I call flakey, as with the same conditions set it could do something different. The reason I have come to the conclusion that Dynamic Link is not as stable as Adobe makes out. They could fix it overnight by doing away with the licensing safeguard - but they won't as they want to keep using Dynamic Link as a USP and product differentiator.