vscode-dbt-power-user: "Missing profile" error when opening a workspace

I’ve just started having an issue with the extension (v0.5.9). I recently upgraded to dbt v1.0.1 from v0.21.

dbt version: 1.0.1
python version: 3.7.7
python path: /Users/<me>/Documents/GitHub/data-warehouse/.venv/bin/python3
os info: Darwin-21.1.0-x86_64-i386-64bit
Using profiles.yml file at /Users/<me>/.dbt/profiles.yml
Using dbt_project.yml file at /Users/<me>/Documents/GitHub/data-warehouse/dbt_project.yml

Configuration:
  profiles.yml file [OK found and valid]
  dbt_project.yml file [OK found and valid]

Required dependencies:
 - git [OK found]

I’ve confirmed the python path above is the one being used by the VS Code workspace.

When first opening a workspace with my dbt project in it, the Tasks - dbt terminal displays the following:

> Executing task:  dbt list

> Executing task:  dbt list

> Executing task:  dbt list

07:53:31  Encountered an error while reading the project:
07:53:31    ERROR: Runtime Error
  dbt cannot run because no profile was specified for this dbt project.
  To specify a profile for this project, add a line like the this to
  your dbt_project.yml file:
  
  profile: [profile name]
  
  Here, [profile name] should be replaced with a profile name
  defined in your profiles.yml file. You can find profiles.yml here:
  
  /Users/<me>/.dbt/profiles.yml
  
07:53:31  Encountered an error:
Runtime Error
  Could not run dbt
07:53:31  Encountered an error while reading the project:
07:53:31    ERROR: Runtime Error
  Could not find profile named 'integration_tests'
07:53:31  Encountered an error:
Runtime Error
  Could not run dbt

[dbt listing of models begins here...]

From that moment on, automatic listing of models doesn’t occur when I save a .sql file.