Same here on Windows 11. BUT on MacOS, where I am still on 1.1.5, everything works and it does not complain about the program being outdated, and it doesn't even try to download 1.1.6!
So I am thinking, if I could downgrade to 1.1.5 on Windows, maybe it will just work? Unfortunately I did not save a copy of the Windows 1.1.5 installer and I can't find a link for it. If anyone has it, let me know.
PS I contacted IK but got no reply yet, I suppose that a ticket has been opened? I have used this
https://www.ikmultimedia.com/contact-us/