Premiere Clip: Why is the Cloud icon animating or showing an error icon?

The cloud icon shows status of media that is uploading or downloading to and from your open project. When you see the dots within the cloud animating, this means that something with the project is being updated either to the cloud server or back to your device. If you see an error here instead of the cloud, tap the icon and attempt to re-sync. If that does not resolve the issue, you can also close and re-open the project to kick-start the process.