This is solved now

by going into this direcotry, mentioned in the log: root:  /Users/YOUR_USER_NAME/.local/share/sfdx/node_modules/@salesforce/lwc-dev-server I then deleted the node_modules folder and run a npm install --save-dev

refered this

This is solved now.

By going into this directory, mentioned in the log: root:  /Users/YOUR_USER_NAME/.local/share/sfdx/node_modules/@salesforce/lwc-dev-server

I then deleted the node_modules folder and reinstalled the dependencies using:

npm install --save-dev

I referenced this issue on GitHub