Face ID Not Working [Fixed. Please see the approved answer for details.]

I was excited to see the update in todays app store, and doubly excited with the length of the patch notes.....until I wasn't.
It's wild that an issue of this magnitude and one that is hindering such foundational chunk of the app is still unfixed. This was first reported in AUGUST and the only 'fix' is for the user to factory reset their phone.

I am seriously intrigued to understand how something like this happens. How does a company of this size which is "trusted by 100,000s of businesses" and god knows how many other users, be completely handcuffed by an issue like this?

I haven't seen any other apps/companies running into the same wall, that all use faceid. What's the deal?

1Password Version: 8.9.6
Extension Version: Not Provided
OS Version: iOS
Browser:_ Not Provided