I found a solution to this issue. Simply locate the Social club folder, rename it to SC backup, and attempt to revert the version through the Rage menu. This should install the last working social club launcher. However, the launcher will still try to update to the newer version once it's started. I had to unplug my ethernet cable, wait for it to fail the update and then click offline mode. For some reason, -scOfflineMode did not work for me.
However, I've resolved this issue. The topic may be closed.