[IntelliJ][ReportedByUser] Failed to validate runtime of function

Setup

IntelliJ build version: 2021.3 IC-213.5744.223
OS: Mac OS X
JDK: JetBrains s.r.o. 11.0.13
Plugin version: 3.59.0-2021.3

Describe the bug

When trying to run an Azure Function in IntelliJ the following error is thrown:
Failed to run function app locally
Event Log message:
Azure
Failed to validate runtime of function(/opt/homebrew/Cellar/azure-functions-core-tools@4/4.0.3971/func), failed to validate function runtime: Process exited with an error: 127 (Exit value: 127).Call Stack:
● Validate runtime of function(/opt/homebrew/Cellar/azure-functions-core-tools@4/4.0.3971/func)
● Run function app locally (show balloon)

I have tried changing the Azure CLI path to the two possible locations where Homebrew AzureCLI installation puts the func.
Both of these result in the error mentioned above:
/opt/homebrew/Cellar/azure-functions-core-tools@4/4.0.3971/func
/opt/homebrew/bin/func

I was experiencing the same issue on Windows 11 as well

To Reproduce

1. Create new Azure Functions project with HttpTrigger
2. Try to run the automatically created HttpExample function
   
3. Get this error
   

Exception or Stack Trace

Failed to validate runtime of function(/opt/homebrew/Cellar/azure-functions-core-tools@4/4.0.3971/func), failed to validate function runtime: Process exited with an error: 127 (Exit value: 127).Call Stack:
● Validate runtime of function(/opt/homebrew/Cellar/azure-functions-core-tools@4/4.0.3971/func)
● Run function app locally (show balloon)

Screenshots