New 3.5 update won't open on Mac

I am running Catalina version 10.15.7, and I recently downloaded/installed the new Audacity 3.5 update. However, the new version will not open. Every time I try to open it, I get a message saying “Audacity has quit unexpectedly”. Can someone please help with this?

3.5 doesn’t work on macOS 11 and below due to a bug on Apple’s side. We’ll make it work for 3.5.1 though later today.