Getting Typeerror from mui SvgIcon while running React 18 application with Node 18.x

Question

I am trying to run my React application, but Im getting the following error.

(0 , r(...).jsx) is not a function
TypeError: (0 , r(...).jsx) is not a function

Code is failing due to Material UI mui SvgIcon path. Failing exactly in ArrowDownwardIcon in SvgIcon.

Package installation is successful. While running the application we are facing the issue. I am using Node 18.

Thanks in advance!