Final Cut Pro crashes when trying to create new project

macOS - 11.3

Final Cut Pro - 10.5.2

Trying to create project ends with crash:

Process: Final Cut Pro [3927]

Path: /Applications/Final Cut Pro.app/Contents/MacOS/Final Cut Pro

Identifier: com.apple.FinalCut

Version: 10.5.2 (382785)

Build Info: ProEditor-38278005011000000~2 (17C49)

App Item ID: 424389933

App External ID: 840377123

Code Type: X86-64 (Native)

Parent Process: ??? [1]

Responsible: Final Cut Pro [3927]

User ID: 501

Date/Time: 2021-04-27 16:01:33.194 +0300

OS Version: macOS 11.3 (20E232)

Report Version: 12

Bridge OS Version: 5.3 (18P4556)

Anonymous UUID: 0CF6E14F-6562-0478-A5B8-8F8EB255D5A1

Time Awake Since Boot: 9100 seconds

System Integrity Protection: enabled

Crashed Thread: 26

Exception Type: EXC_BAD_ACCESS (SIGSEGV)

Exception Codes: EXC_I386_GPFLT

Exception Note: EXC_CORPSE_NOTIFY

Termination Signal: Segmentation fault: 11

Termination Reason: Namespace SIGNAL, Code 0xb

Terminating Process: exc handler [3927]

Thread 26 Crashed:

0 com.apple.CoreFoundation 0x00007fff207d220a CFRelease + 15

1 com.apple.Flexo 0x0000000102032263 -[FFMetalVideoPainter newOSCDrawTextureAtTime:viewSize:delegate:drawProperties:destIsDrawing:filmToViewTransform:backingScale:] + 595

2 com.apple.Flexo 0x0000000102e3182a -[FFDestVideoDisplay newOnScreenControlsTextureForFrame:atTime:drawProperties:isDisplaying:] + 586

3 com.apple.Flexo 0x000000010265fac6 -[FFPlayerScheduledData generateOverlayInfo:currentTimecodeType:] + 1478

4 com.apple.Flexo 0x00000001020af6ad -[FFPlayer _generateOverlayTextures:rate:] + 493

5 com.apple.Flexo 0x00000001020bc54e -[FFPlayer _renderVideo] + 11422

6 com.apple.Flexo 0x00000001020be40d -[FFPlayer idle] + 205

7 com.apple.Flexo 0x00000001020a2166 -[FFPlayer playerRenderThreadMain:] + 406

8 com.apple.Foundation 0x00007fff215c9977 __NSThread__start__ + 1068

9 libsystem_pthread.dylib 0x00007fff2074f954 _pthread_start + 224

10 libsystem_pthread.dylib 0x00007fff2074b4a7 thread_start + 15