Illustrator 24.2.1 is now live!

The latest release of Illustrator comes with a fix for the 'Align to Key Object' issue along with other stability fixes. 

Please note that after upgrading you might still see that 'Align To' sets itself to 'Align to Key Object'. If you see this, manually set the 'Align To' to the required setting, You’ll need to do this just once. This is because Ai remembers the last settings on subsequent launch.

Please check this link for more details on how to update to the latest version using the Creative Cloud Desktop app.