Studio was unable to connect to "localhost" error with Unity 2021

To start with it might be worth checking that nothing else is sitting on port 9264.
Can you please try the following:

  • Close Unity and FMOD Studio
  • Open a windows command propmt
  • Run the following command to enumerate processes listening on port 9264
    netstat -a -n -o | find "9264"
    
  • If that yields any results, for example:
    C:\Users\User>netstat -a -n -o | find "9264"
    TCP    0.0.0.0:9264           0.0.0.0:0              LISTENING       7688
    TCP    127.0.0.1:9264         127.0.0.1:64289        ESTABLISHED     7688
    TCP    127.0.0.1:64289        127.0.0.1:9264         ESTABLISHED     13804
    
    then kill those processes:
    taskkill /pid 7688 /f
    taskkill /pid 13804 /f
    

After that, reopen Unity and FMOD Studio and see if you can connect to Live Update.

Please also rollback any changes you have made to the FMOD Unity integration, just to eliminate the possibility of any manual changes causing issues.