BABEL Cannot find module 'node:path' error react-native

I'm trying to setup tailwindcss-react-native package into my react native project. After successful installation when I add classnames to a component it gives me an error. I've tried uninstalling and then re-installing it, removing the npm cache and node_modules folder but I can't figure out what is wrong. I'm attaching the error log and also codes of my project. Please point out what I'm missing here. Thank you

My babel.config.js file:

module.exports = function(api) {
  api.cache(true);
  return {
    presets: ['babel-preset-expo'],
    plugins: ["tailwindcss-react-native/babel"],
  };
};

My tailwind.config.js file:

module.exports = {
  content: [
    "./screens/**/*.{js,ts,jsx,tsx}",
    "./pages/**/*.{js,ts,jsx,tsx}",
    "./components/**/*.{js,ts,jsx,tsx}",
  ],
  theme: {
    extend: {},
  },
  plugins: [],
}

My App.js file:

import { TailwindProvider } from 'tailwindcss-react-native';
import { NavigationContainer } from '@react-navigation/native';
import { createNativeStackNavigator } from '@react-navigation/native-stack';
import HomeScreen from './screens/HomeScreen';

const Stack = createNativeStackNavigator();

export default function App() {
  return (
    <NavigationContainer>
      <TailwindProvider>
        <Stack.Navigator>
          <Stack.Screen name="Home" component={HomeScreen} />
        </Stack.Navigator>
      </TailwindProvider>
    </NavigationContainer>
    
  );
}

My HomeScreen.js screen:

import { View, Text } from 'react-native'
import React from 'react'

export default function HomeScreen() {
  return (
    <View>
      <Text className="text-red-500">HomeScreen</Text>
    </View>
  )
}

My dependencies & dev dependencies:

"dependencies": {
    "@react-navigation/native": "^6.0.11",
    "@react-navigation/native-stack": "^6.7.0",
    "expo": "~45.0.0",
    "expo-status-bar": "~1.3.0",
    "react": "17.0.2",
    "react-dom": "17.0.2",
    "react-native": "0.68.2",
    "react-native-safe-area-context": "4.2.4",
    "react-native-screens": "~3.11.1",
    "react-native-web": "0.17.7",
    "tailwindcss-react-native": "^1.7.10"
  },
  "devDependencies": {
    "@babel/cli": "^7.18.6",
    "@babel/core": "^7.18.6",
    "@babel/node": "^7.18.6",
    "tailwindcss": "^3.1.4"
  },