Update: Solved this issue. Do NOT import settings...

# compose

[streetsofboston]

Update:
Solved this issue.

Do NOT import settings from old/previous installations!
Doing this cause the SDK path of the IDE itself to point to an incorrect version of it.

Fixed it by changing the contents of the file /Users/anton.spaans/Library/Application Support/Google/AndroidStudioPreview4.2/studio.jdk to be the path to the packaged jdk: /Applications/Android Studio 4.2 <http://Preview.app/Contents/jre/jdk|Preview.app/Contents/jre/jdk>