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If you updated FCP to version 10.4.9 / 10.5 and your viewport shows a red screen with a yellow exclamation mark (which is a Missing Media type alert), then you've most likely encountered an old Motion 5/FCP bug that has reappeared recently: in the past, the bug sometimes appeared after installing any apps/plugins/updates but nowadays, it seems to occur if your Motion 5 or FCP were not installed directly from App Store.
To check whether your system was affected by this issue, try using some of the elements that are built into FCP:
► If these elements display a red Missing Media type alert, then you've encountered the aforementioned bug.
So far, the only solution that we are aware of if re-installing the host app directly via App Store.
To do so, please go to your Applications folder, delete Final Cut Pro.app and/or Motion 5.app and empty your Bin (important!).
After that, use App Store to re-install the host apps.
► If the built-in templates work correctly, then please try reinstalling the affected plugins using mInstaller and see if the problem persists. If so, try using the manual PKG installers that can be downloaded from your 'My Products' page (the download link will appear once you hover your cursor over the preview miniature): https://www.motionvfx.com/user/products
Be sure to report this bug to Apple via their feedback page:
The problem is very widespread so the more reports sent, the higher the chance that it will get fixed sometime soon.
If you see the plugin registration dialog upon video export, see next page.