Could not connect to Debugger

When I start the debugger I get the dialog with the message

Cannot connect to the debugged process at port 55738 in 10s:  Local process: RubyDebugTarget[baseDir: null, debuggedFile: /Users/zarko/RubymineProjects/project_path/bin/rails, port: 55738, remote: false, process: com.pty4j.unix.UnixPtyProcess@5578f35c, process alive: true] Please try increasing the timeout in Settings | Debugger | Ruby | Debug connection timeout

This is the output in the console

/bin/zsh -c "bash -c '. /Users/zarko/.asdf/asdf.sh && asdf shell ruby 3.1.4 && ruby -x /Users/zarko/.asdf/installs/ruby/3.1.4/bin/bundle exec ruby /Users/zarko/.asdf/installs/ruby/3.1.4/lib/ruby/gems/3.1.0/gems/ruby-debug-ide-3.0.0.beta.18/bin/rdebug-ide --debug --key-value --step-over-in-blocks --disable-int-handler --evaluation-timeout 10 --evaluation-control --time-limit 100 --memory-limit 0 --full-value-time-limit 20000 --full-value-memory-limit 0 --rubymine-protocol-extensions --port 55738 --host 0.0.0.0 -- /Users/zarko/RubymineProjects/project_path/bin/rails server -b 127.0.0.1 -p 3000 -e development'"
Fast Debugger (ruby-debug-ide 3.0.0.beta.18, debase 3.0.0.beta.12, file filtering is supported, block breakpoints supported, smart steps supported, obtaining return values supported, partial obtaining of instance variables supported) listens on 0.0.0.0:55738
40231: Main debugger server created. Host=0.0.0.0, Port=55738
/Users/zarko/.asdf/installs/ruby/3.1.4/lib/ruby/gems/3.1.0/gems/ruby-debug-ide-3.0.0.beta.18/lib/ruby-debug-ide.rb:121:in `sleep': Interrupt
	from /Users/zarko/.asdf/installs/ruby/3.1.4/lib/ruby/gems/3.1.0/gems/ruby-debug-ide-3.0.0.beta.18/lib/ruby-debug-ide.rb:121:in `wait'
	from /Users/zarko/.asdf/installs/ruby/3.1.4/lib/ruby/gems/3.1.0/gems/ruby-debug-ide-3.0.0.beta.18/lib/ruby-debug-ide.rb:121:in `block in prepare_debugger'
	from /Users/zarko/.asdf/installs/ruby/3.1.4/lib/ruby/gems/3.1.0/gems/ruby-debug-ide-3.0.0.beta.18/lib/ruby-debug-ide.rb:120:in `synchronize'
	from /Users/zarko/.asdf/installs/ruby/3.1.4/lib/ruby/gems/3.1.0/gems/ruby-debug-ide-3.0.0.beta.18/lib/ruby-debug-ide.rb:120:in `prepare_debugger'
	from /Users/zarko/.asdf/installs/ruby/3.1.4/lib/ruby/gems/3.1.0/gems/ruby-debug-ide-3.0.0.beta.18/lib/ruby-debug-ide.rb:126:in `debug_program'
	from /Users/zarko/.asdf/installs/ruby/3.1.4/lib/ruby/gems/3.1.0/gems/ruby-debug-ide-3.0.0.beta.18/bin/rdebug-ide:202:in `<main>'

Process finished with exit code 130 (interrupted by signal 2:SIGINT)

It's not specific to the project setting or configuration since I'm facing the same behavior even with a simple test rails application. The debugger constantly breaks.

Application can be stared in run mode with no problem.