The reason runtime is exiting is because it is not connect to Robot Manager or Pega Deployment Portal depending on which of them is enable. If you hadn't intended to enable to settings you can disable them. The connection setting values are picked up from CommonConfig.xml located under C:\ProgramData\Pegasystems.
I am having the same issue. I have a project and I wanted to modify some aspects of it so I copied the entire folder on my desktop and then removed some automations and a win form, and renamed some components. When I tried to run it, in order to test then new format, I get the same error as mentioned above. Already tried and changed all the config file values from the other posts related to this issue but the error persists. And is only for this project that I copied from the default location to my desktop.
Maybe this helps others better understand the situation.
I faced this error too and spent lot of time debugging it. The issue seemed to be Project specific and nothing to do with the config file.
After many hours, figured out that its because the parent folder name contains special characters like ',' or '&'. Weird that Pega Studio throws an irrelevant error due to this. Ensure that the path of your project folder does not contain any special characters.