Unfortunately, there seems to be a problem with the latest version of AIR (v126.96.36.1994).
I reported the problem to Harman earlier today and they have confirmed that there is a problem with the current Windows installer.
For reference, here is my report to Harman: https://github.com/Gamua/Adobe-Runtime- … ssions/788
Hopefully they will be able to fix the problem soon but, in the meantime, a suitable workaround is as follows:
(1) Uninstall Adobe AIR. If you cannot uninstall Adobe AIR via the Control Panel, then delete the following folder manually:
(2) Download and install the previous version of AIR (v188.8.131.525).
Harman do not make previous versions available for download but you can still download it from here: https://www.filecroco.com/download-adobe-air/.
The file from filecroco.com is the official Harman release of AIR v184.108.40.2065 (genuine, clean and safe to use).
I found the SHA256 hash for the 'AdobeAIR.exe' v220.127.116.115 file on a Harman web page archived by archive.org (search for "https://airsdk.harman.com/runtime" and select the page dated 26 January 2021) and it matches the SHA256 hash of the file from filecroco.com.
Sorry for the inconvenience but this should work fine until Harman releases a new AIR runtime for Windows.