@ontop, I received your project XML file. The problem isn't the ProRes 444 clip. Rather, below that clip are four other clips, some of which are nested compound clips, each containing several effects. There are about 25 effects in the nested clip stack over the range of that ProRes 444 clip (see below).
The FCP render cache is not generated per clip. It is generated on a span or range of the timeline for all clips in the stack covered by that range, including all nested compound clips. If any part of any effect on any clip in the nested stack is changed, the entire thing (including all 25 effects) must be re-rendered.
Ideally it could be rendered just once and persist through re-launching FCP, assuming you didn't edit or alter any effect on any clip in that entire nested stack. However, all built-in FCP effects are implemented by the Motion runtime engine.
There are cases where complex interactions between multiple effects prevent that timeline range from being cached. There are various manifestations of this, including render dots remaining present after rendering to cache or render dots disappearing, but functionally, caching does not happen.
I have discussed this with FCP development, and my understanding is the current overall caching behavior is working as designed, but if specific, reproducible, well-documented scenarios are filed, they may examine it.
For your situation, the problem isn't caused by that ProRes 444 clip; it's the 25 effects in a "Russian Doll" series of nested clips and effects below that ProRes clip. I suggest you examine those and re-think what you actually need, considering the vintage and configuration of your machine. I'm actually not sure my top-spec M1 Ultra Mac Studio could run that smoothly.
I number the outer-layer clips from top to bottom starting with 1:
1: Top clip: "Bird Flying"
- Green Screen Keyer
2. "NextRemembrance Clip 1" (Compound Clip):
- Color Board
Inside above CC:
- Another CC "Remembrance Clip"
- Sharpen
- Color Board
- Vignette
- Streaks
- Aged Film
- Distort
Inside above CC:
- Image clip IMG_7121
- Color Board
- Image clip IMG_7107
- Vignette
- Color Board
- Fisheye
- Audio clip
- Exciter
3. Generator clip
- Opacity
- Transform
- Distort
4. Remembrance Clip (Compound Clip)
- Color Board
- Vignette
- Aged Film
- Gaussian Blur
- Bokeh Random
Inside above CC:
- Image clip IMG_7121
- Color Board
- Image clip IMG_7107
- Vignette
- Color Board
- Fisheye
5. Audio Clip
- Exciter