I'm pleased to report that with the latest release (Stable channel) of Android Studio (Meerkat 2024.3.1) along with the included the 0.8.4(243)-3 update to the Kotlin Multiplatform (Plugin), that I'm no longer experiencing this issue.

Here are the specific versions I'm using (mentioned above):

Android Studio Meerkat | 2024.3.1: Kotlin Multiplatform Plugin | 0.8.4(243)-3:

The "Create New Module" dialog/wizard - now functioning as expected for creating a Kotlin Multiplatform Shared Module:

So if you're encountering this particular issue, you can presumably update to the latest version of Android Studio (on the Stable release channel) and the issue will likely disappear!