Cloud termbase not working in Studio desktop application (but does in online editor)

I'm using the Trados Team online platform to create projects and add files, but I translate in the Trados Studio desktop app for Windows (I know RWS hates me for this, will have to migrate to online 100% eventually.)

The project template that I use when I create projects includes a termbase that I have saved in the cloud.

My problem is that the termbase does not open/become available in the Trados Studio desktop app ("No open termbase"). I opened the same test file in the online editor, and it is happily showing all the hits available in the termbase.

This used to work in the Studio desktop app, too, but not anymore. When I open Project Settings -> Termbases, it shows "Cloud-based Terminology (default)" as enabled. But there's a red circle with a white cross in the name as well (see attached image)

What could be the problem here? I think my colleagues do not experience the same problem, but we are using slightly different versions of the Studio desktop app.

I'm currently using Trados Studio 2022 -