I can report same issue; we’ve a shared drive called LIBRARY that makes Premiere error on a new document. Remove the Libraries panels from all workspaces, and update, then it works fine.
I can reproduce the issue using a USB stick on any Mac by naming it LIBRARY.
It’s also stops the AudioNetwork plugin working effectively. You have to choose a static location for all downloads.
I’ve had a response from Adobe who have acknowledged the bug in 2019 and 2020 and told me it’s in with the engineers to fix in a future release.