Unable to save shapefiles with date fields in ArcGIS Pro

Description

In some instances, attempts to save newly created date fields in a shapefile in ArcGIS Pro fail, and return the following error message:

Error:   
ERROR 000664: Invalid Input: The type of dataset is not supported.

Cause

This is a known limitation. More than one date field is not supported for a shapefile in ArcGIS Pro version 2.7 and earlier.

Solution or Workaround

Choose one of the methods below to resolve the issue.

Convert the shapefile to a geodatabase feature class

Use the Feature Class To Feature Class (Conversion) geoprocessing tool to convert the shapefile to a feature class. Refer to ArcGIS Pro: Feature Class To Feature Class (Conversion) for more information.

Use the latest version of ArcGIS Pro

Update ArcGIS Pro to the latest version. Refer to ArcGIS Pro: Update ArcGIS Pro or ArcGIS Pro: Install ArcGIS Pro for steps to do so.