PapyrusUtil 3.4 doesn't work with SSE 1.5.39 / SKSE64 2.0.7
It won't crash and burn. it will just do nothing and any mods that use it will lose whatever functionality relies on it.
But if you are crashing, PapyrusUtil is not the reason (despite the message in the log). There is a fix in SKSE64 2.0.7 specifically to stop PapyrusUtil crashing your game, and the fix works. Look for other .dll's in your SKSE folder that might be the reason.