White screen – 500 error – Object of class WP_Error could not be converted

I had recently updated the WP to 5.5.1 and all of a sudden I am getting this issue:

Recoverable fatal error: Object of class WP_Error could not be converted to string in …./wp-includes/formatting.php on line 1098

Tried debugging, its the Listings Settings (Agents) in the backend where this issue is coming and as a result the listing detail page is showing white screen (500 error).

Could you please advise on the possible fix? Thank you.