What to do if android studio pairing device using wifi doesn't work?

Open the terminal windows inside Android Studio and type the following:

cd $Env:LOCALAPPDATA\Android\sdk\platform-tools
./adb connect 192.168.2.237:38207

Replace the IP address and port with the data that you see when you enable wireless debugging on your device.

Update 2025.01.27:

Here is the PowerShell script that takes the port number as a command line argument. Don't forget to replace the IP address with yours.