A common issue with updating the next order date is not seeing the newly modified and saved date, even when it appears in the event log. One reason could be that the option to 'unskip' the order is available. Another reason could be a selling plan with a cut-off date or anchor date, which would be a different case.
In the subscription, go to the Orders and event data >>> Upcoming orders >>> tick the box for most recent Transaction date >>> click Unskip
You should be able to see the order date on the Subscription page, and the order should process successfully.
Related link to this article:
How to skip customer's next order