@Azba Mansuri I think the project creation step failed to add an entry in the storage account CORS setting. While creating a project an entry should be added in storage account CORS setting automatically by the create project action. You can check and confirm the settings on your storage account, screen shot below:
Also, when the project is successfully created the project is initialized and the studio tries to load the forms from the storage account you configured in your project. Have you added forms to your storage container before creating the project?
If Yes, please try to create a new project or load the existing project to check if it works. Contributor access on your storage account should be good enough to create and use projects from form recognizer studio.
Also, the option to use cloud projects or shared projects with the new version of form recognizer studio is not available in this preview version. You can however, use the same storage account and resource while configuring a new project from a different user account and load the existing data.