Premiere Pro version 13.1.1 crashes on launch when Controlled Folder Access is enabled

Premiere Pro version 13.1.1 crashes on launch when Controlled Folder Access is enabled.

When Controlled Folder Access is enabled, Premiere Pro (13.1.1) crashes on launch reporting the following error message

Could not find the shared documents folder.

Adobe Media Encoder and After Effects also report similar errors.

Error message displayed on crash

To prevent crash on launch, the Admin should add Adobe Media Encoder, After Effects, or Premiere Pro to the list of exceptions.

To launch Premiere Pro, Adobe Media Encoder, or After Effects when Controlled Folder Access is enabled, do the following:

Open Windows Defender Security Setting Center.

You can also select Start > Settings > Update and Security > Virus & threat protection.
Select Virus & threat protection.
Under Virus & threat protection settings, select Ransomware protection.
Make sure that other antivirus programs are uninstalled and the real-time windows defender protection is turned on.
Select the option Allow an app through Controlled folders access.
Select Add an allowed app to open the file browser.
Select the file and click Open.

Now, when you launch the program, it does not crash.

Premiere Pro crashes if Controlled Folder Access is enabled