Not sure, but maybe re-opening the theme code editor may help – old one sometimes used to cache the data..
Ah, I see – “offending” settings are part of section preset.
Check the section code further down than your screenshot and see if you have something similar to this:
You need to remove lines like 430 and 436 in my screenshot.
My screenshot is from Horizon/Savor, so obviously not the same, but it illustrates the idea.
If removing triggers another error, try replacing the content like
from "text": "t:html_defaults.new_arrivals_h3" to "text": "<p>test</p>"
And make sure you do not incidentally remove any commas or quotemarks.