I have found a solution which fixed this error on my Linux installation.
It appears as though the game tries to access a file called "conLZM.cfg", located in "%AppData%\Local\Plutonium\storage\t5\players", which contains game settings, user preferences, keybinds, etc, and is generated upon running the game for the first time.
However, since it does not exist on initial installation, the game crashes, which also means that it is unable to generate it, as the game never actually fully launches, leaving it in an infinite loop of crashing. I was therefore able to fix this by copying over my "conLZM.cfg" from another working installation, and lo and behold, it has worked flawlessly ever since.
Nevertheless, I wan uncertain as to how to fix this error without having an already generated file at your disposal, so my best advice would be to try to run the multiplayer version of the game, and copy its generated config file called "config_mp.cfg" located in the same place, and then rename it to "conLZM.cfg", as they appear to be almost identical.
Alternatively, I will be happy to send anyone my specific config to see if it works for you. Hope this helps you solve this common issue!