Screen Resolution Tool does not work

I just upgraded to MacOS Big Sur. I've never used the Screen Resolution tool before the upgrade so I can't say if it worked previously. I thought I'd give it a try to manage my resolution on three monitors.

When I click the icon, nothing happens. No application launches, nothing! No errors either.
What I've tried so far:
1. Logged out and back in
2. Rebooted my mac
3. Uninstalled Parallels Toolbox and reinstalled

Has anyone else encountered this issue and if so, what was the resolution?

 

Hello,
Menu icon should appear after the launching "Switch Resolution" tool: