If you already have Sims with custom traits, they will lose them and you’ll have to re-apply them. Unfortunately, this has the side effect of breaking compatibility with existing saved games and saved Sims in your library. The issue is due to the UI not understanding 64-bit trait IDs, and the solution is to use 32-bit IDs instead.
Traits that are not made with Mod Constructor are the responsibility of their creators to fix. Modders will have to re-export their custom traits to apply the fix. I’ve released an update to Mod Constructor to fix the issue. Specifically, they cause the new Sim Profile UI to glitch up. As some of you may know, custom traits are broken with patch 1.68.