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Yes here is how to fix the issue.  You will need to deactivate your Ultimate version then you will see only MC first
Open AVID Link and go to License

Then Deactivate your Ultimate license so you only see Media composer first and OPEN it

Then choose to open MC First here

Then when you are ready to use Ultimate you need to activate it again and that should be easy to do when you click AVID Link>Media Composer>License