I just updated After Effects and Media Encoder, but now I can't render using Media Encoder – help!

I recently updated both After Effects and Adobe Media Encoder, and I can no longer send my composition to Media Encoder for rendering.

I’m currently editing a video in After Effects Version 26.5.3 (Build 9), with Adobe Media Encoder Version 27.0 (Build 72) installed. When I try to add my composition to the Adobe Media Encoder queue, it doesn’t appear in the queue, and rendering never starts.

Instead, After Effects displays the following error messages:

“After Effects: AEGP Plugin AEDynamicLinkServer: Adobe Media Encoder is not installed. Please download and install it to use this feature. Go to https://www.adobe.com/apps. ( 5027 :: 12 )”

“After Effects: AEGP Plugin AEDDynamicLinkServer: Failed to connect to Adobe Media Encoder. ( 5027 :: 12 )”

Media Encoder is already installed and updated, but After Effects seems unable to detect or connect to it. This issue started after updating both applications and is preventing me from exporting my video through Media Encoder.

Could this be a compatibility issue between these versions, or a problem with Dynamic Link? How can I resolve it and get my compositions into the render queue again?