Yeah you can back up the settings file! Also, unfortunately, I just updated my development machine to 14.2 and am seeing the issue only when using an external audio device. If it's not too much trouble, could you let me know what audio interface you're using on your primary machine? I am going to have to make a report for this to submit to Apple.
Really appreciate all the effort and bringing these fixes so quickly!
Regarding the not really recommended editing of the settings file: I had some time and wanted to mess around with it a bit, sadly no luck over here. Any changes resulted in Minimeters immediately crashing upon opening, I see why it wasn't recommended haha. No worries though, I can hold out till the update arrives. Also replacing the settings file with the original backup and then restarting solved the crashing.