How to set up phpcs with WordPress coding standard (in March 2021 with PHP8)?

Trying to set up PHP_CodeSniffer with the WordPress Codings Standards. I’m running PHP v8.0.3 and phpcs v3.5.8.

WPCS is installed via

git clone -b master wpcs 

The installation worked, but running phpcs leads to this error:
phpcs: Uncaught TypeError: vsprintf(): Argument #2 ($ values) must be of type array, string given in file.php

This is apparently an issue with WPCS and fixed in this commit. The commit seems to be not merged into master yet, so I checked out the develop branch. This appears to fix the above mentioned issue but causes another error:
phpcs: Referenced sniff "PHPCSUtils" does not exist

The proposed solution for fixing this issue is switching to the master branch, which brings me back to square one.

So both master and develop don’t work for different reasons. I guess could change the source code in the master branch manually, but that doesn’t seem to be a sustainable fix.

Is there a better way make phpcs work with the current versions of PHP and WPCS?