In addition to getting the wrong startup resolution, as described in issue UE-81377, it seems to be impossible to change the resolution using either F11 or the r.setRes console command.
The issue is clearly related to 4.23. I first tried starting the a Blueprints example project created with 4.22 using “Launch game” with no issue and simply switching the same project to using 4.23 and doing “Launch game” again presented the issue.
Workaround mentioned in issue works fine. Unreal Engine Issues and Bug Tracker (UE-81377)