Why does Studio 2021 SR 1 16.1.1.4184 suddenly close?

Since this morning, after months of faithful service, my full licence Studio 2021 SR 1 16.1.1.4184 suddenly closes when I attempt to a)create a new local project, or b) translate a single file.

I can still open existing projects without any problems. It seems to be these two tasks specifically which cause the crash.

I am using an updated version of Windows 10

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