Why AE 2021 rejects AE 2024 projects
The .aep file contains version signatures and project chunks written by AE 2024. Older AE 2021 builds may not understand those structures, so the project is blocked before normal editing starts.
Recommended AE 2024 to 2021 workflow
Keep the original file, create a downgraded copy for AE 2021, then open that copy in the target version and inspect comps, layers, footage paths, expressions and effects.
Compatibility limits
A version downgrade can adjust project structure, but it cannot add AE 2024-only features to AE 2021. New effects, expressions, properties or plugins may require manual replacement.