Thanks for the response. I did get a notification concerning the new VP16 version today (I do have the 365 plan option). I will try it. And I believe I've found what my issue was. I was viewing/loading my project's clip from the Windows Explorer window. The option for creating the video proxy on that clip was not available. When I did the same from the Project Media bin, the option to create the video proxy was now available to me 😂. I hadn't noticed this until just now.
I would like to ask, now I'm on Vegas PRO 365 and I have Vegas PRO 16. May I download trial version of Vegas PRO 17 and set my license or I must wait for release and information for Vegas PRO 365 subscription?