Thank you!! It was my Elixir version, indeed. The error lines were as below.
It turns out my Elixir version was pinned to 1.12.3 because I had myself packaged that version for MacPorts and never removed it from my local macports repo
After upgrading elixir to 1.13.4, mix local-rebar --force and mix compile worked as expected.
** (Mix) Could not compile dependency :telemetry, "~/.mix/rebar3 bare compile --paths ~/project/_build/dev/lib/*/ebin" command failed. You can recompile this dependency with "mix deps.compile telemetry", update it with "mix deps.update telemetry" or clean it with "mix deps.clean telemetry"