Hey @squarepixel and @TigrouMeow – Yeah Big Sur has a couple of issues that we know about:
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Open site shell doesn’t work. The Local team is working on a fix, but the current workaround is outlined in this topic within the forums: Open Site Shell not working macOS Big Sur
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The PHP service is broken and needs an update. The Local team is working on a better way of updating the PHP service, but in the meantime, you should be able to fix PHP 7.4.1 by following the steps in this FAQ: How can I manually update downloadable Lightning Services?
Hope that helps get you squared away – let us know if you have any questions or run into anything else!