ts-loader fails on stage 3 decorators: Unexpected character '@'

Expected Behaviour

Since TS 5 we can create stage 3 decorators. Using webpack and ts-loader they should be compiled without issue.

Actual Behaviour

The build fails with Unexpected character '@'

Module parse failed: Unexpected character '@' (21:0)
File was processed with these loaders:
 * ../../node_modules/ts-loader/index.js
You may need an additional loader to handle the result of these loaders.

Steps to Reproduce the Problem

https://stackblitz.com/edit/webpack-terser-ztxsth?file=src%2Findex.ts,tsconfig.json,package.json

Location of a Minimal Repository that Demonstrates the Issue.

Please see the link above

Workaround

I posted this issue on Stack Overflow and received a workaround where useDefineForClassFields must be set to false. However, this enables legacy behaviour. It would be nice if this issue could be resolved so the workaround is no longer needed. If there's another solution to the issue, I would also be happy to hear it.

Start by running the linked StackBlitz reproduction and inspect src/index.ts, tsconfig.json, and package.json with ts-loader and webpack. Confirm the failure with stage 3 decorators and determine what change allows compilation without setting useDefineForClassFields to false. Done means the reproduction builds without the legacy-behavior workaround.