Pycharm python debugging on MacOS fails and reports "Could not initialize class com.jetbrains.python.PythonHelper"

Running python scrips in normal mode succeeds while running in debugging mode fails with "Could not initialize class com.jetbrains.python.PythonHelper"

Python 3.9.7 (v3.9.7:1016ef3790, Aug 30 2021, 16:25:35) 
[Clang 12.0.5 (clang-1205.0.22.11)] on darwin
Type "help", "copyright", "credits" or "license" for more information.

MacOs Sequoia Version 15.0.1

PyCharm 2024.2.4 (Community Edition)
Build #PC-242.23726.102, built on October 22, 2024
Runtime version: 21.0.4+13-b509.26 aarch64 (JCEF 122.1.9)
VM: OpenJDK 64-Bit Server VM by JetBrains s.r.o.
Toolkit: sun.lwawt.macosx.LWCToolkit
macOS 15.0.1
GC: G1 Young Generation, G1 Concurrent GC, G1 Old Generation
Memory: 2048M
Cores: 12
Metal Rendering is ON
Registry:
 ide.experimental.ui=true
 i18n.locale=
Non-Bundled Plugins:
 com.jetbrains.space (242.23726.16)
 com.intellij.ml.llm (242.23726.20)