That’s just not going to run Unreal Engine very well.
Is that a Retina Macbook? If so, even a smallish viewport will attempt to drive many millions of pixels with a Powerpoint-grade GPU.
Even if it’s not Retina, the GPU is very old, AND it was on the low end of its generation to begin with, that I wouldn’t expect too much.
You may be able to turn off various visualizations in the viewport (check whether game mode makes it faster/slower, etc.) You may be able to build a simpler scene (built lighting, not dynamic lighting, etc.) You may be able to make the viewport smaller. That’s about the amount of luck you will have.
Apple has seemingly abandoned any graphics-needing professionals. I know we have real trouble with 3D with the MacBooks around the office, and I hear lots of video professionals and even data science people are leaving Macs because of the sucky GPUs. I ended up with a Razer, but there are other good Windows laptops that are lightweight and have good specs.