This seems similar to what is reported on this thread so I’ll share the same advice:
WordPress 5.5 removed a javascript file called jquery-migrate that some plugins which haven’t been udpated might still be relying on. Until they update, the workaround is to use the plugin Enable jQuery Migrate Helper to include the javascript files.
I’m not entirely sure this is the cause of the issue but since jQuery errors are referenced in the browser console screenshot your shared, it might be worth trying out.
If installing the plugin above does not solve the issue, I’d recommend trying a conflict test next:
You’ll want to temporarily switch your theme to Storefront. Then, disable all plugins on the site except for WooCommerce, and test for the issue.
If the issue is gone, you’ll then have to re-enable features one by one, while testing for the issue; until you find out which one is causing this behavior.
We recommend that these steps are taken on a staging site, which is a clone of your live site that you can modify without risking making any permanent damage to your live site. You can create it using a plugin like WP-Staging: https://www.ads-software.com/plugins/wp-staging/
cc @invokeeer, @robots71, @bobmorain