Display configuration is not saved on system with 2 monitors running on waylands KDE.

This is a new issue after KDE upgrade brought by upgrade to Ubuntu 20.10.

Kscreen package: kscreen/groovy,now 4:5.19.5-0ubuntu1 amd64

STEPS TO REPRODUCE
1. Rotate one of displays verically and position it relative to the other.
2. Logout or restart
3. Log back in. 

OBSERVED RESULT
Display orientations and positions are lost.

EXPECTED RESULT
Display orientation is preserved.

SOFTWARE/OS VERSIONS
Linux/KDE Plasma: 
KDE Plasma Version: 5.19.5
KDE Frameworks Version:  5.74.0
Qt Version:  5.14.2

ADDITIONAL INFORMATION
1. The issue is reproduced with a brand new user on the system. 
2. The issue affects both X11 and waylands.
3. Deleting ~/.local/share/kscreen does not help.

Running
> strace systemsettings5  2>&1 | grep ".local/share"

Here is what it prints when I change configuration and then click appy:
mkdir("/home/localuser/.local/share/kscreen/control/outputs", 0777) = -1 EEXIST (File exists)
stat("/home/localuser/.local/share/kscreen/control/outputs", {st_mode=S_IFDIR|0775, st_size=4096, ...}) = 0
openat(AT_FDCWD, "/home/localuser/.local/share/kscreen/control/outputs/44ea2777a54f3875660452365852c3e1", O_WRONLY|O_CREAT|O_TRUNC|O_CLOEXEC, 0666) = 26
mkdir("/home/localuser/.local/share/kscreen/control/outputs", 0777) = -1 EEXIST (File exists)
stat("/home/localuser/.local/share/kscreen/control/outputs", {st_mode=S_IFDIR|0775, st_size=4096, ...}) = 0
openat(AT_FDCWD, "/home/localuser/.local/share/kscreen/control/outputs/71a2cf58adc0a2870ec8ef8309d99664", O_WRONLY|O_CREAT|O_TRUNC|O_CLOEXEC, 0666) = 26
unlink("/home/localuser/.local/share/kscreen/control/configs/31049c74bf4cd7365ee0b1788fad41ed") = -1 ENOENT (No such file or directory)
openat(AT_FDCWD, "/home/localuser/.local/share/kscreen/control/configs/31049c74bf4cd7365ee0b1788fad41ed", O_RDONLY|O_CLOEXEC) = -1 ENOENT (No such file or directory)
openat(AT_FDCWD, "/home/localuser/.local/share/kscreen/control/outputs/44ea2777a54f3875660452365852c3e1", O_RDONLY|O_CLOEXEC) = 26
openat(AT_FDCWD, "/home/localuser/.local/share/kscreen/control/outputs/71a2cf58adc0a2870ec8ef8309d99664", O_RDONLY|O_CLOEXEC) = 26

There is nothing in /home/localuser/.local/share/kscreen/control/configs/
/home/localuser/.local/share/kscreen/control/outputs contains 2 files with trivial configs:
File 44ea2777a54f3875660452365852c3e1
{
"id": "44ea2777a54f3875660452365852c3e1",
"metadata": {
"name": "Dell Inc. HDMI-A-1-DELL U2415/..."
},
"scale": 1
}

and file  71a2cf58adc0a2870ec8ef8309d99664:
{
"id": "71a2cf58adc0a2870ec8ef8309d99664",
"metadata": {
"name": "Dell Inc. DP-1-DELL U3415W/..."
},
"scale": 1
}