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Thanks for reporting the issue . This issue is fixed with Mac OS 12.1 update .
Thanks & Regards,
An error occurred while saving the commentCrystal Dufour commented
Might have found a solution. Same thing was happening here. But as I searched for a solution I kept Illustrator open. When I went back, saving worked. My husband said maybe it has to do with syncing to the cloud. Might not be able to save/save as when sync is happening, so I shut that off and so far so good!