[12.0.4-canary.2], Preact - Local dev server fails with Error: Cannot find module 'scheduler/package.json'

What version of Next.js are you using?

12.0.4-canaray.2 to 12.0.4-canaray.4

What version of Node.js are you using?

14.17.6

What browser are you using?

chrome

What operating system are you using?

macOS

How are you deploying your application?

.

Describe the Bug

Local dev server stops with an error: Error: Cannot find module 'scheduler/package.json'.

I assume this comes in relation with the recent changes in this line in webocket-config.js.

I believe we scheduler must be removed from topLevelFrameworkPaths to make it work correctly.

Complete error:

Error: Cannot find module 'scheduler/package.json'
Require stack:
- /Users/<path>/node_modules/next/dist/build/webpack-config.js
- /Users/<path>/node_modules/next/dist/server/dev/hot-reloader.js
- /Users/<path>/node_modules/next/dist/server/dev/next-dev-server.js
- /Users/<path>/node_modules/next/dist/server/next.js
- /Users/<path>/node_modules/next/dist/server/lib/start-server.js
- /Users/<path>/node_modules/next/dist/cli/next-dev.js
- /Users/<path>/node_modules/next/dist/bin/next
    at Function.Module._resolveFilename (internal/modules/cjs/loader.js:889:15)
    at Function.mod._resolveFilename (/Users//<path>/node_modules/next/dist/build/webpack/require-hook.js:171:28)
    at Function.resolve (internal/modules/cjs/helpers.js:98:19)
    at getPackagePath (/Users/<path>/node_modules/next/dist/build/webpack-config.js:601:41)
    at Object.getBaseWebpackConfig [as default] (/Users/<path>/node_modules/next/dist/build/webpack-config.js:619:9)
    at async Promise.all (index 0)
    at async Span.traceAsyncFn (/Users/<path>/node_modules/next/dist/trace/trace.js:74:20)
    at async Span.traceAsyncFn (/Users/<path>/node_modules/next/dist/trace/trace.js:74:20)
    at async HotReloader.start (/Users/n<path>/node_modules/next/dist/server/dev/hot-reloader.js:325:25)
    at async DevServer.prepare (/Users/<path>/node_modules/next/dist/server/dev/next-dev-server.js:290:9) {
  code: 'MODULE_NOT_FOUND',
  requireStack: [
    '/Users/<path>/node_modules/next/dist/build/webpack-config.js',
    '/Users/<path>/node_modules/next/dist/server/dev/hot-reloader.js',
    '/Users<path>/node_modules/next/dist/server/dev/next-dev-server.js',
    '/Users/<path>/node_modules/next/dist/server/next.js',
    '/Users/<path>/node_modules/next/dist/server/lib/start-server.js',
    '/Users/<path>/node_modules/next/dist/cli/next-dev.js',
    '/Users/<path>p/node_modules/next/dist/bin/next'
  ]
}

To Reproduce

Package manager: yarn
dependencies:

"dependencies": {
    "next": "12.0.4-canary.2",
    "preact": "^10.5.13",
    "preact-render-to-string": "^5.1.19",
    "react": "npm:@preact/compat@^0.0.4",
    "react-dom": "npm:@preact/compat@^0.0.4"
  },

Upgrade next.js to version >= 12.0.4-canary.2.