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I runned the update script and it auto updated to v3.0.0b5 and now the launcher no longer works, displaying the following error: ModuleNotFoundError: No module named 'invokeai.app'. Would it be possible to downgrade using the updater? (I don't remember the version that comes with this standalone tho)

Downgrading sadly doesn't work. :(
But you can download it again and copy the old output folder to your new downloaded version. Then you should be able to use all your images.

Sorry for the inconvenience. :(