Safe renderer issue with Qt Design Studio 3.8

After an updating Qt Design Studio to 3.8 user started to receive Qt SafeRenderer error with their project.

Error Message:

13:49:21: Starting C:/Qt/Tools/QtDesignStudio/qt6_design_studio_reduced_version/bin/qml.exe -I "C:/Users/TestUser/Documents/Test_Project/imports" -I "C:/Users/TestUser/Documents/Test_Project/asset_imports" --apptype widget "C:/Users/TestUser/Documents/Test_Project/content/Test_Button.ui.qml" "-qmljsdebugger=file:C:/Users/TestUser/AppData/Local/Temp/QtDesignStudio-hugkvX/qtc-socket.Udluii,block,services:QmlPreview,DebugTranslation"...
QML Debugger: Connecting to socket C:/Users/TestUser/AppData/Local/Temp/QtDesignStudio-hugkvX/qtc-socket.Udluii...
QQmlApplicationEngine failed to load component
file:///C:/Users/TestUser/Documents/Test_Project/content/Test_Button.ui.qml:11:1: module "Qt.SafeRenderer" version 1.1 is not installed
QEventDispatcherWin32::wakeUp: Failed to post a message (Invalid window handle.)
qml: Did not load any objects, exiting.
13:49:21: C:/Qt/Tools/QtDesignStudio/qt6_design_studio_reduced_version/bin/qml.exe exited with code 2