This is a new bug in 4.492 (44920), running on an M3 MacBook Pro under Sonoma 14.4.1 (23E224)
In the default PATH when running commands via "Execute Terminal Command" (async or sync) the /usr/bin directory is specified as a relative rather than an absolute path:
PATH=/bin:usr/bin:/usr/local/bin:/usr/sbin:/sbin
A script began failing under this build which worked in previous releases. I found this PATH issue when I had it dump the contents of "set" to a file.