MediaBay not working after update to 9.5

After update to Cubase 9.5 my Mediabay’s Folder browser (left panel, screenshot attached) became totally empty - no folders, no local drives etc, just dead, unclickable “all media” item. None of the sounds can be found here as well.
The window “Sound browser”, and panel “Search media” are working - but not MediaBay.
Tried switching all relevant options, tried reinstalling Cubase, deleting media3.db and rescanning - no use!

I still can access my media via Sound Browser - but Media Bay stays empty no matter what.