Solution
Due to recent change in how NI software releases, TSM in particular is very confusing to figure out what version is compatible with what version of TestStand and LabVIEW.
"TSM 2024 Q3.1" release is officially titled "TestStand 2023 Q4 Semiconductor Module 2024 Q3.1". Despite the "2024 Q3.1" in the name, this release only works with TestStand 2023, looking at the 'New Features and Changes' section of the User Manual shows that LabVIEW 2023 Q3 was the latest version of LabVIEW support added to TSM.
Table below listed the compatibility and latest supported version of LabVIEW, TestStand and TSM.

As for current solution, switching back to LabVIEW 2023 will do the work while waiting for the next release of TSM which would support later version of LabVIEW.