xfce – xfce4 panel is disappearing when applying panel profile from panel preferences in xubuntu 24.04

After a fresh install of xubuntu 24.04 on a dell inspiron 7559 laptop, I am exploring the xfce desktop. I tried to change panel profile to one of the default profiles that came with xubuntu. However, the moment I apply any panel profile by right clicking the panel-> panel preferences-> profile (panel profile), the panel at the top disappears. I need to run xfce4-panel from terminal to get the panel back. I will not be able to save and restore any panel profile if this feature is broken. I would like to know what is causing this issue and how to fix it. I have found a crash log in /var/crash which are here.