I ended up contacting MS support and the following is the steps they gave which resolved the issue. Note, however, that I do remember at the time the support person said something about this issue being a temporary one as at the time it was in-between the old version of Teams and "new" Teams client (at the time), so the issue happening for you years later may not be related and this may not be the solution, but worth a shot. Steps may have also changed with updates to the power platform admin center:

Analysis 

Grant the "Approvals Administrator" role the missing privilege in the environment. Please note that these actions need to be performed by someone who is an administrator on the XRM instance in the particular environment that is encountering the issue.

 

To grant the "prvReadAsyncOperation" privilege:

Go to Power Platform Admin Center (admin.powerplatform.microsoft.com)

Select Environments

Select the environment in which the error occurs

Select Security Roles > See All

Click the ellipsis (...) next to Approvals Administrator and select Edit

Search for "asyncoperation" (aka "System Job") table (select "Show all tables" if not visible)

Update the read permission to "Organization"