Acronis True Image (Mac): Mac keeps restarting if Acronis True Image is installed in macOS Big Sur Beta

Symptoms

Acronis True Image installed on macOS 11 Big Sur Beta causes kernel panic during boot that leads to cyclic reboots.

Kernel panic is a situation when Mac encounters a system error and keeps restarting unexpectedly with a warning message "You need to restart your computer".

Cause

Lack of compatibility due to a major shift in macOS architecture.