I recall seeing something similar. Cannot recall where or when. I was unable to use LW 4.18 or 5 last year or first part of this year. I'd been using LW 4.16. I installed a 2nd OSX on a different drive & LW 5 runs fine there. Then one day not too long ago I gave LW 5 another go on my main OSX & it worked. It's my guess one of the OSX updates fixed something.
In your scenario, I'm wondering if that last Java update has somehow not installed as well as it should. One possibility is you download either the standalone Java installer & reinstall it, else the OSX Combo installer. The Java installer might tell you there's no update needed, I'm not sure.