Install and run After Effects version 23.0 or later.
Migrating existing custom Composition presets
After Effects 23.0 release includes revamped Composition Presets that completely replace the old preset list. If you have existing custom composition presets, they will not be migrated automatically. You can either rebuild and save the composition presets or migrate your existing presets manually.
Once done, your newly migrated custom composition preset will start reflecting in the Composition Presets list.