I really hoped the, apparently more major than 27.0.1, update to 27.2 would have fixed this problem. I'm talking basically MacOS, but similar problems are being reported on phones and tablets.
In my case, iMovie will refuse to open a movie I just worked on. for instance, I most recently worked on the library highlighted in the following image. After finishing with it I shut iMovie down. Trying to restart iMovie sometimes failed and sometimes came up with this image.

So, after selecting "Choose" it came up with the following window message

Why would a file/library I just worked with not have R/W permission? Nevertheless, I did a "Get info" on the library, and down at the bottom it says:

It says it's R/W. I will ask now, what does the padlock mean? It's ominous, but it seemed everything in the area had them locked.
Finally, here is the actual library in question, as seen in the Finder Window.

When I double click on it, iMovie opens it up with no problem at all -- I can even open other ("problem") libraries and move projects around.
This is not the way things should work, and I really would have thought that a jump from a .0.1 (ie, minor) release to a .2 release would have fixed whatever happened in the earlier release.