I recently configured my environment to develop using Visual Studio 2019 with ArcGIS Pro 2.7.0 and the ArcGIS Pro SDK 2.7.0.26828 (specific download - not as an automatically-updating extension).
My assumption is that this combination of VS, Pro and the SDK should be compatible and allow me to create a new Visual Studio solution, but I encounter an error message saying "Index was outside the bounds of the array" anytime I attempt to use an ArcGIS Pro SDK template.

I have been able to download a Pro SDK sample (MapLayoutSample) and successfully debug using that solution, however, if I attempt to add a new item (like an ArcGIS Pro Button or ArcGIS Pro ComboBox) I encounter the same error (Index was outside the bounds of the array).
I have removed the install of the SDK, re-installed and rebooted my machine, but it did not improve the situation.