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I'm assuming that you do have an account in the preferences dialog selected.
In this case, it looks like something caused OMEMO fingerprints to be removed from your device and it is not able to fetch existing keys nor generate a new key.
I would suggest to check XML exchanges while client connects to the XMPP server to make sure it actually tries to fetch OMEMO keys and check server response if it is correct.
If that would not help, another idea would be to remove and then add XMPP account to BeagleIM.
And if that would not help, then just drop BeagleIM database as this issue may be caused by some weird entry in the OMEMO identities table.
I'm not sure what happened. When I receive messages from self or another contact, I get the OMEMO link and a decryption failure.
Also super weird: I no longer have any device fingerprints in Beagle. Clicking on the ⚙️ does nothing. Only "Close" works.
I'm still on 4.1 (110), and I'm pretty sure I never installed the Beta version. If there's something you'd like me to check that would verify whether I've ever installed a DB-migrated Beta, I'm happy to look into it. MacOS Catalina.