embedded ICC profile cannot be used on NEW Camera Raw update today.

This morning, I was fat, dumb and happy opening .NEF (Nikon RAW files) on a M3 Mac and all was fine. 

1) I would double click .NEF files in the Finder and they would open in Camera Raw.

2) I would make some adjustments in Camera Raw (exposure, color, geometry) and then open in Photoshop Beta.

3) All was good. Same workflow I have used for years.

THEN! Creative Cloud updated Camera Raw and Photoshop in the background and all is BROKEN:

1) I would double click .NEF files in the Finder and they would open in Camera Raw. (so far, OK)

2) I would make some adjustments in Camera Raw (exposure, color, geometry) and then open in Photoshop Beta. BROKEN! It now says "The embedded ICC profile cannot be used because the ICC profile is invalid.Ignoring the profile" when opening in Photoshop. The image now is only monochrome. 

Further -- If I open an existing .PSD file and try and use the Camera Raw Filter, same issue. The image is destroyed and turned into monochrome shadow.

Versions:

Photoshop Beta 25.10

Camera Raw 16.3.1

MacOS Sanoma 14.5

Ideas?