Can’t believe it’s taken me this long to report this but:
I work with both music and post, so I have projects with both Bars+Beats and Timecode time formats. When opening a TImecode project when the last project open was a Bars+Beats project, in the project settings it will say the newly opened project is a Timecode project yet the timeline ruler will be in Bars+Beats mode. To change this I will have to go to Project Settings, change the time format to something else from Timecode and then switch it back to Timecode to correctly reset the timeline format. This also happens the other way around.