Why older AE rejects newer projects
After Effects checks project version information before loading the full file. If the version is newer than the app supports, the project can be blocked before you see any comp or layer data.
Best practice before conversion
Keep the original .aep, convert a copy, then open the downgraded file in the target AE version and inspect comps, effects, expressions and missing plugins.
Supported target range
The converter offers AE 2018 through AE 2026 targets. Available targets unlock after the source project version is detected.