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 last IP address octet and the port number as command line arguments. You can run it, for example, in the following way:

.\pair.ps1 142:42292