The crash occurs in the more recent versions of Android Studio that have device output video provided via the Device Manager.
There appears to be some issue in the kernel when Android Studio tries to start the device output streaming - which it will do by default whenever an app is run on the device and has finished uploading. Once this crashes the device becomes almost completely unresponsive and the display output may freeze.
To fix this issue simply disable the “Activate mirroring when launching an app on a physical device” option in Android Studio settings.
scrcpy can be used instead of the built-in Android Studio device screen streaming and doesn’t seem crash the device.