Display Related Nodes by Taxonomy Terms in Block
Resolved it by using the following method:

Under Advanced
→ Contextual Filter: "Vocabulary Name"
→ Taxonomy Term ID from URL
→ Load default filter from node page, that's good for related taxonomy blocks
→ Select Limit terms by vocabulary
→ Select the appropriate Vocabulary
→ Under "Multiple-value handling" Select the appropriate option as per your requirement (either "Filter to items that share all terms" OR "Filter to items that share any term".
That's it. It worked for me.