Non working Python 3 – invalid active developer path

I’ve recently updated macOS Big Sur to version 11.2.2, and it seems that after this update I run into issues with running my Python programs from PyCharm, which started to give me the following error on attempt to execute any program:

Error running 'P3-2': Cannot run program "/Users/User_Name/PycharmProjects/Project_Name/venv/bin/python" (in directory "/Users/User_Name/PycharmProjects/Project_Name"): error=2, No such file or directory

I’ve looked into relevant venv directory which contained symbolic link to Python executable which, in turn, by the looks of it in Finder, was broken (path/target cannot be found). I found that strange as Python 3 was installed and working for quite some time, so I tried to run python3 from terminal and saw the following error:

xcrun: error: invalid active developer path (/Library/Developer/CommandLineTools), missing xcrun at: /Library/Developer/CommandLineTools/usr/bin/xcrun

Long story short to fix that it was necessary to download and install the Command Line Tools package using the following command:

xcode-select --install

Not quite sure why it stopped working for me, but possibly installed version got removed during macOS update process.