It takes some time but shouldn’t take long. Once you have applied the effect Warp Stabilizer, Premiere Pro starts analyzing the video clip.
You may even click the Warp Stabilizer option and drag it over to your clip to apply the effect. Scroll down the Video Effects option to find Distort and then double click on Warp Stabilizer. Next, click on Effects tab at the top and select the Video Effects option. Open the video clip that is shaky and full of jerks.