The first thing I would check if Windows Firewall is preventing S1 from connecting. Temporarily disable it by...pressing the windows key and type 'firewall'. Open 'Windows Defender Firewall'. On the left side click, 'Turn Windows Firewall On or Off'. Check the Bullet next to turn off for both Public and Private Networks, click OK. Now try Studio One again. If it works..fantastic. If not...****! Either way, go back and turn both Private and Public Firewall back on.
Now if it worked, while in Windows Defender Firewall, look to the left for 'Allow an App of Feature through Windows Defender Firewall'. Scroll down in allowed Apps and Features Window and look for Studio One 5. On Pro it's listed twice as 'Studio One 5' and 'Studio One 5 Plug-in Scanner. make sure both check boxes are checked for each. If you don't see them you'll have to add them with 'Allow Another App' button. Or you can use the 'Advanced Settings' on the same left pane as before and make sure S1 is not blocked for both Outbound and Inbound connections and if you don't see it. add it to both individually. Good luck.