Trying to open a C# script in VS 2015…2019…2022, but Visual Studio fails to run.
Is this a bug?
You might need to generate script project files (File → Generate script project files) probably so the file is in the Visual Studio project.
I have tried that. It didn’t work.
I think the problem is Flax not knowing which version of VS to choose, since the VS Version Selector is probably what it’s finding in the registry key… I’m guessing.
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I met same problem after resetting all options (Tools->Options) to default.
In my case, default editor (Editor Options - Source Code - Project Files - Source Code editor “Default”) could not run IDE. To make things more confusing, selecting script and 
->Edit Script opened VS anyway, but not with solution file - just single .CS file itself. It took me away from thinking code editor option is corrupted.
At last I changed Tools->Options → Source Code - Project Files - Source Code editor to “Visual Studio 2022” and script project (solution) opened properly.
I have VS 2022 only(not other VS versions), so I vote for your guess.