MP4 tells you the wrapper, not the decoder requirement
The same .mp4 extension can hold very different video codecs. Adobe’s own troubleshooting distinguishes container formats from the codecs used to encode the media. The codec and profile are what determine whether Premiere can decode the video stream.
Long compressed media can expose editor-version problems
Adobe’s 2026 fixed-issues list documented slow import times for long MPEG-2, HEVC and MPEG-4 AVC media in Premiere 25.3, 25.4 and 25.6, with the issue fixed in 26.3. That is a reminder that not every MP4 problem requires a transcode.
Use transcoding as a controlled fallback
When the source codec is unsupported, or when a supported but highly compressed source is unstable in your actual workflow, a separate edit-friendly copy can be the practical answer.
Keep the source master unchanged and document what you changed. That makes relinking and final output safer.