Connection to Python debugger failed: Accept timed out

I am unable to debug python applications on PyCharm, and getting this error in Event Log: "Connection to Python debugger failed: Accept timed out"

Debugger console:

/Users/xxx/work/.global_venv/bin/python "/Applications/PyCharm CE.app/Contents/plugins/python-ce/helpers/pydev/pydevd.py" --multiproc --qt-support=auto --client 127.0.0.1 --port 55078 --file /Users/xxx/personal/assignment1/main.py --config configs/config_exp.yaml
Using Cython speedups
Unable to load jupyter_debug plugin
Executing file /Users/xxx/personal/assignment1/main.py
arguments: ['/Users/xxx/personal/assignment1/main.py', '--config', 'configs/config_exp.yaml']
PYDEVD_FILTER_LIBRARIES False

Started in multiproc mode

('Connecting to ', '127.0.0.1', ':', '55078')
('Connected.',)
debugger: received >><<
Received port 55078

pydev debugger: process 84768 is connecting

('Connecting to ', '127.0.0.1', ':', '55078')
('Connected.',)
IDE_PROJECT_ROOTS ['/Users/xxx/personal']

LIBRARY_ROOTS ['/Users/xxx/.pyenv/versions/3.6.5/lib/python3.6', '/Users/xxx/.pyenv/versions/3.6.5/lib/python3.6/lib-dynload', '/Users/xxx/work/.global_venv/lib/python3.6/site-packages', '/Users/xxx/Library/Caches/JetBrains/PyCharmCE2020.1/python_stubs/805680417', '/Applications/PyCharm CE.app/Contents/plugins/python-ce/helpers/python-skeletons', '/Applications/PyCharm CE.app/Contents/plugins/python-ce/helpers/typeshed/stdlib/3', '/Applications/PyCharm CE.app/Contents/plugins/python-ce/helpers/typeshed/stdlib/2and3', '/Applications/PyCharm CE.app/Contents/plugins/python-ce/helpers/typeshed/third_party/3', '/Applications/PyCharm CE.app/Contents/plugins/python-ce/helpers/typeshed/third_party/2and3']


Process finished with exit code 1

IDE :  PyCharm CE 2020.1

Python : Python 3.6 

OS: macOS Catalina