The flutter plugin version 75.1.4 is not functional on Android Studio 2023.2.1.2 (Iguana). The plugin installs alright but the Android Studio does not seem to pick up its functionality. the following log appears:
com.intellij.diagnostic.PluginException: io.flutter.actions.FlutterNewProjectAction PluginClassLoader(plugin=PluginDescriptor(name=Flutter, id=io.flutter, descriptorPath=plugin.xml, path=~\AppData\Roaming\Google\AndroidStudioPreview2023.2\plugins\flutter-intellij, version=75.1.4, package=null, isBundled=false), packagePrefix=null, state=active)
at com.intellij.serviceContainer.ComponentManagerImpl.instantiateClass(ComponentManagerImpl.kt:1030)
at com.intellij.openapi.actionSystem.impl.ActionManagerImplKt.instantiate(ActionManagerImpl.kt:1420)
at com.intellij.openapi.actionSystem.impl.ActionManagerImplKt.convertStub(ActionManagerImpl.kt:1746)
at com.intellij.openapi.actionSystem.impl.ActionManagerImpl.getActionImpl(ActionManagerImpl.kt:311)
at com.intellij.openapi.actionSystem.impl.ActionManagerImpl.getAction(ActionManagerImpl.kt:302)
at com.intellij.openapi.actionSystem.DefaultActionGroup.getChildren(DefaultActionGroup.java:357)
at com.intellij.openapi.actionSystem.DefaultActionGroup.getChildren(DefaultActionGroup.java:334)
at com.intellij.openapi.wm.impl.welcomeScreen.WelcomeScreenActionsUtil.collectAllActions(WelcomeScreenActionsUtil.java:37)
at com.intellij.openapi.wm.impl.welcomeScreen.WelcomeScreenActionsUtil.collectAllActions(WelcomeScreenActionsUtil.java:39)
at com.intellij.openapi.wm.impl.welcomeScreen.WelcomeScreenActionsUtil.splitAndWrapActions(WelcomeScreenActionsUtil.java:190)
at com.intellij.openapi.wm.impl.welcomeScreen.ProjectsTab.createActionsToolbar(ProjectsTabFactory.kt:204)
at com.intellij.openapi.wm.impl.welcomeScreen.ProjectsTab.createRecentProjectsPanel(ProjectsTabFactory.kt:174)
at com.intellij.openapi.wm.impl.welcomeScreen.ProjectsTab.(ProjectsTabFactory.kt:65)
at com.intellij.openapi.wm.impl.welcomeScreen.ProjectsTabFactory.createWelcomeTab(ProjectsTabFactory.kt:57)
at com.intellij.openapi.wm.WelcomeTabFactory.createWelcomeTabs(WelcomeTabFactory.java:31)
at com.intellij.openapi.wm.impl.welcomeScreen.TabbedWelcomeScreen.loadTabs(TabbedWelcomeScreen.java:128)
at com.intellij.openapi.wm.impl.welcomeScreen.TabbedWelcomeScreen.(TabbedWelcomeScreen.java:86)
at com.intellij.openapi.wm.impl.welcomeScreen.TabbedWelcomeScreen.(TabbedWelcomeScreen.java:39)
at com.intellij.openapi.wm.impl.welcomeScreen.FlatWelcomeFrame.(FlatWelcomeFrame.kt:69)
at com.intellij.openapi.wm.impl.welcomeScreen.FlatWelcomeFrame.(FlatWelcomeFrame.kt)
at com.intellij.openapi.wm.impl.welcomeScreen.FlatWelcomeFrameProvider.createFrame(FlatWelcomeFrameProvider.java:14)
at com.android.tools.idea.welcome.wizard.FirstRunWizardFrameProvider.lambda$customizeFlatWelcomeFrame$2(FirstRunWizardFrameProvider.java:65)
at com.intellij.openapi.extensions.impl.ExtensionProcessingHelper.computeSafeIfAny(ExtensionProcessingHelper.kt:57)
at com.intellij.openapi.extensions.ExtensionPointName.computeSafeIfAny(ExtensionPointName.kt:57)
at com.android.tools.idea.welcome.wizard.FirstRunWizardFrameProvider.customizeFlatWelcomeFrame(FirstRunWizardFrameProvider.java:59)
at com.android.tools.idea.welcome.wizard.FirstRunWizardFrameProvider.createFrame(FirstRunWizardFrameProvider.java:46)
at com.intellij.openapi.wm.impl.welcomeScreen.WelcomeFrame$Companion$prepareToShow$2$frame$1.invoke(WelcomeFrame.kt:170)
at com.intellij.openapi.wm.impl.welcomeScreen.WelcomeFrame$Companion$prepareToShow$2$frame$1.invoke(WelcomeFrame.kt:170)
at kotlin.sequences.TransformingSequence$iterator$1.next(Sequences.kt:210)
at kotlin.sequences.FilteringSequence$iterator$1.calcNext(Sequences.kt:170)
at kotlin.sequences.FilteringSequence$iterator$1.hasNext(Sequences.kt:194)
at kotlin.sequences.SequencesKt___SequencesKt.firstOrNull(_Sequences.kt:168)
at com.intellij.openapi.wm.impl.welcomeScreen.WelcomeFrame$Companion.prepareToShow$lambda$3(WelcomeFrame.kt:170)
at com.intellij.idea.IdeStarter.showWelcomeFrame$lambda$1(IdeStarter.kt:154)
at com.intellij.openapi.application.TransactionGuardImpl.runWithWritingAllowed(TransactionGuardImpl.java:208)
at com.intellij.openapi.application.TransactionGuardImpl.access$100(TransactionGuardImpl.java:21)
at com.intellij.openapi.application.TransactionGuardImpl$1.run(TransactionGuardImpl.java:190)
at com.intellij.openapi.application.impl.ApplicationImpl.runIntendedWriteActionOnCurrentThread(ApplicationImpl.java:861)
at com.intellij.openapi.application.impl.ApplicationImpl$4.run(ApplicationImpl.java:478)
at com.intellij.openapi.application.impl.FlushQueue.doRun(FlushQueue.java:79)
at com.intellij.openapi.application.impl.FlushQueue.runNextEvent(FlushQueue.java:121)
at com.intellij.openapi.application.impl.FlushQueue.flushNow(FlushQueue.java:41)
at java.desktop/java.awt.event.InvocationEvent.dispatch(InvocationEvent.java:318)
at java.desktop/java.awt.EventQueue.dispatchEventImpl(EventQueue.java:792)
at java.desktop/java.awt.EventQueue$3.run(EventQueue.java:739)
at java.desktop/java.awt.EventQueue$3.run(EventQueue.java:733)
at java.base/java.security.AccessController.doPrivileged(AccessController.java:399)
at java.base/java.security.ProtectionDomain$JavaSecurityAccessImpl.doIntersectionPrivilege(ProtectionDomain.java:86)
at java.desktop/java.awt.EventQueue.dispatchEvent(EventQueue.java:761)
at com.intellij.ide.IdeEventQueue.defaultDispatchEvent(IdeEventQueue.kt:685)
at com.intellij.ide.IdeEventQueue._dispatchEvent$lambda$10(IdeEventQueue.kt:589)
at com.intellij.openapi.application.impl.ApplicationImpl.runWithoutImplicitRead(ApplicationImpl.java:1485)
at com.intellij.ide.IdeEventQueue._dispatchEvent(IdeEventQueue.kt:589)
at com.intellij.ide.IdeEventQueue.access$_dispatchEvent(IdeEventQueue.kt:67)
at com.intellij.ide.IdeEventQueue$dispatchEvent$processEventRunnable$1$1$1.compute(IdeEventQueue.kt:369)
at com.intellij.ide.IdeEventQueue$dispatchEvent$processEventRunnable$1$1$1.compute(IdeEventQueue.kt:368)
at com.intellij.openapi.progress.impl.CoreProgressManager.computePrioritized(CoreProgressManager.java:787)
at com.intellij.ide.IdeEventQueue$dispatchEvent$processEventRunnable$1$1.invoke(IdeEventQueue.kt:368)
at com.intellij.ide.IdeEventQueue$dispatchEvent$processEventRunnable$1$1.invoke(IdeEventQueue.kt:363)
at com.intellij.ide.IdeEventQueueKt.performActivity$lambda$1(IdeEventQueue.kt:992)
at com.intellij.openapi.application.TransactionGuardImpl.performActivity(TransactionGuardImpl.java:105)
at com.intellij.ide.IdeEventQueueKt.performActivity(IdeEventQueue.kt:992)
at com.intellij.ide.IdeEventQueue.dispatchEvent$lambda$7(IdeEventQueue.kt:363)
at com.intellij.openapi.application.impl.ApplicationImpl.runIntendedWriteActionOnCurrentThread(ApplicationImpl.java:861)
at com.intellij.ide.IdeEventQueue.dispatchEvent(IdeEventQueue.kt:405)
at java.desktop/java.awt.EventDispatchThread.pumpOneEventForFilters(EventDispatchThread.java:207)
at java.desktop/java.awt.EventDispatchThread.pumpEventsForFilter(EventDispatchThread.java:128)
at java.desktop/java.awt.EventDispatchThread.pumpEventsForHierarchy(EventDispatchThread.java:117)
at java.desktop/java.awt.EventDispatchThread.pumpEvents(EventDispatchThread.java:113)
at java.desktop/java.awt.EventDispatchThread.pumpEvents(EventDispatchThread.java:105)
at java.desktop/java.awt.EventDispatchThread.run(EventDispatchThread.java:92)
Caused by: java.lang.ClassNotFoundException: io.flutter.actions.FlutterNewProjectAction PluginClassLoader(plugin=PluginDescriptor(name=Flutter, id=io.flutter, descriptorPath=plugin.xml, path=~\AppData\Roaming\Google\AndroidStudioPreview2023.2\plugins\flutter-intellij, version=75.1.4, package=null, isBundled=false), packagePrefix=null, state=active)
at com.intellij.serviceContainer.ComponentManagerImplKt.doLoadClass(ComponentManagerImpl.kt:1607)
at com.intellij.serviceContainer.ComponentManagerImplKt.access$doLoadClass(ComponentManagerImpl.kt:1)
at com.intellij.serviceContainer.ComponentManagerImpl.instantiateClass(ComponentManagerImpl.kt:1022)
... 70 more

I have faced the same issue.
And still don't show the Hot reload button on New UI Mode.
Android studio version: Android Studio Iguana | 2023.2.1 Canary 9 (Build #AI-232.10072.27.2321.10977308, built on October 20, 2023).
Flutter plugin version: 75.1.4
Thanks for the bug report. These plugin loading errors are not causing issue for all users, making them hard to track down.
And still don't show the Hot reload button on New UI Mode. Android studio version: Android Studio Iguana | 2023.2.1 Canary 9 (Build #AI-232.10072.27.2321.10977308, built on October 20, 2023). Flutter plugin version: 75.1.4
This is captured in https://github.com/flutter/flutter-intellij/issues/6595
Are individuals still hitting PluginClassLoader issues with more recent versions of the Flutter Plugin, testing 79.x.y+, I am not able to reproduce the issues in Ultimate or Android Studio.
Closing this issue since Jellyfish is the new stable AS version. 2023.2 support was recently removed as support for new file macros & DAS protocols.