SOLUTION FOUND!
So it appears that the PS4 licensing stuff can become a little - we’ll say - cluttered.
Restoring the licenses locked my game. It suddenly had a PS+ icon with a lock on it. I checked my membership and it was all good, saw all the downloads and purchases in my library and still nothing. Suddenly, I was getting “Application cannot start” and an error code.
A quick chat with Sony support and they had me deactivate my ps4 from primary then re-activate it, THEN restore licenses.
Now EVERYTHING is working and appearing in my crafting locations where it should be. Hopefully, this “licensing / activation” issue will help someone else.