When I hold down the option key and select the File menu item, the third entry is <<Close All - unlocalized>>
Yup, that is not new to Panorama X 10.2, 10.1 does it also (and probably 10.0). It started with either Mojave or Catalina, and I don’t know the cause of it. It works fine on older versions of macOS.
It does not happen to me on Big Sur.
It does happen to me on Catalina.
On Big Sur, if I open a database and Panorama is launched, it works properly. As soon as I open another database or make another application active, the <<Close All - unlocalized>> begins.
I’m happy that you stepped in James. I would’ve sworn it was fine in Big Sur as I did a quick look and all was good, but then after Kurt posted, my quick double check couldn’t re-create a working situation. I thought perhaps I was crazy. Your in depth debug showed how picky it is and I’m hoping will also make it easier for Jim to debug. Or not. 
We do need to make sure he has something to do for a change.