Restore from Time Machine backup results in broken applications with "(Previous)" copies

I'm on Big Sur 11.2.3 and have successfully completed a Time Machine restore via the Migration Assistant. However, when I log into the newly migrated user account, I see many applications have been "disabled" with copies of them containing a "(Previous)" label.

The "(Previous)" applications seem to open fine but when I attempt to open the "disabled" applications I get the following message:

Does anyone know what's happening here?