Visual Studio Code Error: Waiting for the runtime failed with Error: wait exceeded

Hi all, for some reason when I first set up my environment, my emulator was working, however now whenever I try to start my emulator, I am getting the following error,
(Error: Waiting for the runtime failed with Error: wait exceeded). Does anyone have any insights on how to resolve this issue, thank you.

EDIT: I realized that the issue faced by this user (https://www.googlecloudcommunity.com/gc/Apigee/VSCode-Apigee-Emulator-Runtime-is-not-Up/m-p/173107) is essentially the same issue I am facing. However, the solution offered was to use the latest insider release at that time which was v1.16.0-insiders.2, this version is outdated now so please let me know if there are any other solutions. I have also changed my update channel from default to insiders and it has not worked.

This can happen when the emulator instance takes more than a minute to start. The container may start immediately but the underlying image takes a little while to be ready. The apigee extension looks for the image to be ready before it says the emulator is available for business. The start time depends on kind of docker setup you are using and how much resources are allocated.

As a workaround, restarting the vscode instance should fix the problem and the restarted instance should be visible in the extension.

We will work on getting the timeout increased to a higher value so that you do not need to restart the vscode.

The mentioned issue is apparently repeated in current versions FTR