Thank you @Rajarajan1087 this worked for me, the steps I followed for clarity:
- Unistall Microsoft .Net 4.7.1
- Reboot
- Download Microsoft .Net 4.7 from the following link:
https://www.microsoft.com/en-us/download/details.aspx?id=55170 - Install Microsoft .Net 4.7
- Reboot
After following the above UiPath Studio started running fine.