It seems this issue has no exact solution, because the cause of this issue is not same for everyone. However, if you have faced this issue recently in Android Studio Bumblebee (2021.1.1) and later, then the problem might have happened due to adb mDNS for wireless debugging.
To solve this issue, disable mDNS for wireless debugging from here:
Android Studio > Settings > Build, Execution, Deployment > Debugger > Untick "Enable adb mDNS for wireless debugging"
Update (19th March, 2022):
As mentioned in the issue tracker, this issue has been fixed in adb version 33.0.1