This is a new bug in macOS 27, and I have submitted a bug report to Apple. If anyone on here has any pull with Apple, the feedback # is FB24615642.
Fortunately, I believe I have figured out a way to revise the way Panorama sets up the menus to get around this problem. I have uploaded an experimental version of Panorama X that resolves the issue as far as I can see. Since this is experimental, it must be downloaded manually, which you can do via this link:
https://www.provue.com/downloads/sparkle/PanoramaX/4668/PanoramaX.zip
For anyone reading this using macOS 27, please try this experimental version and let me know if it resolves the menu problems. Also please let me know if you see any new problems - I have not had time to fully test this new version. (I don’t think there are any new problems, but that’s why you test!)