The procedure for setting up Android Studio on MacOS is a bit confusing. Use these steps to get it working.
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Download and install Android Studio
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Start Android Studio, choose to not import settings if you are asked about this
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During the installation wizard, set things up with the default settings
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Preferences (⌘,) and search for SDK. At the time of writing, it's under Appearance & Behavior -> System Settings -> Android SDK
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Make sure Android SDK Command-line Tools is installed (under SDK Tools)
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Accept licenses
JAVA_HOME="/Applications/Android Studio.app/Contents/jre/jdk/Contents/Home" ~/Library/Android/sdk/cmdline-tools/latest/bin/sdkmanager --licenses -
Run
make open-android
or follow the building instructions for manual building