ts-loader can't load Typescript with any version > 5.0.4

This is the webpack config file I am using :

var webpack = require('webpack');
var path = require('path');
const TerserPlugin = require('terser-webpack-plugin');

module.exports = {
  mode: 'production',
  entry: './src/index.ts',
  target: 'node',
  output: {
    filename: 'app.js',
    libraryTarget: 'commonjs2',
    path: path.resolve(__dirname, 'dist'),
  },
  devtool: 'source-map',
  optimization: {
    minimize: true,
    minimizer: [new TerserPlugin()],
  },
  resolve: {
    extensions: ['.ts', '.js'],
  },
  module: {
    rules: [
      // all files with a `.ts` or `.tsx` extension will be handled by `ts-loader`
      { test: /\.tsx?$/, loader: 'ts-loader' },
    ],
  },
};

Expected Behaviour

Running webpack --config ./webpack.config.js with any Typescript version > 5.0.4 should pass

Actual Behaviour

This is what I get when I try running webpack with any Typescript version > 5.0.4 :

Error: Could not load TypeScript. Try installing with yarn add typescript or npm install typescript. If TypeScript is installed globally, try using yarn link typescript or npm link typescript.

However, this works with any version <= 5.0.4, so, I am not sure what would be the workaround for this.

Reproduce the failure using the webpack.config.js shown in the issue, with TypeScript newer than 5.0.4, and compare it with a working version. Trace ts-loader's TypeScript loading path and verify the webpack command completes successfully with the newer TypeScript versions.