MacWise version 21 or later is compatible with Big Sur.
Version 21.5 is the first version that is a universal app for Apple Silicon and Intel Macs.
It is a 64-bit app.
If you are connecting to your host with a Keyspan USB Serial Adaptor, it will not work with Big Sur.
Keyspan is owned by Tripplite and has not updated their driver to work with Big Sur yet (as of this date, 11/15/20)
However, the Prolific drivers work for other third party USB to Serial adaptors including the Plugable brand here... Plugable PL2303-DB9 USB to RS-232 DB9 Serial Adapter (Prolific PL2303HX Chipset)