Assigning something to a non-existing property breaks QML Live Preview

QML Live Preview won't start when assigning something to a non-existing property and gives an error message "Error loading QML Live Preview: No QML engines found."

Easy enough to reproduce: Starting the Live Preview for a project that has for example a color property set for an Item component will give the error message: "Error loading QML Live Preview: No QML engines found".

Actually running the same project will output: "QQmlApplicationEngine failed to load component" and that it "Cannot assign to non-existent property "color".