Photoshop 23.2.2 Illustrator is unable to open or update vector smart objects
I just updated to macOS Monterey, and now I'm having trouble opening Photoshop files with vector smart elements. When I double-click the smart object or select edit contents when Illustrator is closed, it launches, but the file does not open.
A Mac error box with the message "The application "Adobe Illustrator 2022" can't be opened" and the error code -1703 appears if Illustrator is open and I attempt to open the smart object.
I'm using Illustrator 26.0.3 and Photoshop 23.2.1, which I switched back to after initially noticing the issue in 26.1.
The device is an iMac Retina 5K, 27-inch, 2019 model with a 3.6 GHz 8-Core Intel Core i9 with macOS Monterey 12.3.
Thank you in advance.