This happens out of a sudden. It's been working great for a while and suddenly I can't debug the web application, which is still using .NET Framework 4.8. The error message is:

The program '[19000] iisexpress.exe' has exited with code 4294967295

Visual studio will launch the browser but before the browser loads, the application exited.

Thanks to the following article, I manage to fix it.

https://stackoverflow.com/questions/72171694/iis-express-in-visual-studio-2017-crashes-when-debugging-app-and-selecting-file

But I follow a slightly different steps:

1. I uncheck the option Stop debugger when browser window is closed, close browser when debugging stops.
2. Close the browser instances.
3. Launch my application. At this point, iisexpress will not exit for no reason.
4. Stop debugging.
5. Check the option Stop debugger when browser window is closed, close browser when debugging stops since this option was initially checked.