We have just recently ran into this exact issue.
For a new PC/user without Visual Studio, but with a basic setup of Perforce, Epic Games Launcher, UGS and a few .NET runtimes. This is all we have ever needed to get someone up and running with our custom Unreal Editor.
But over the last few days of bringing some new people on with Unreal 5.8.1, syncing with UGS using precompiled binaries, the editor gets stuck on load.
According to the editor log, It gets stuck running one of two commands:
.\Engine\Build\BatchFiles\Build.bat -Mode=ValidatePlatforms -OutputSDKs -AllPlatforms -project="D:/DT/Main/Modesto/Modesto.uproject" -log="D:/DT/Main/Modesto/Saved/Logs/AutoSDKInfo.txt" -verbose -timestamps
.\Engine\Build\BatchFiles\Build.bat -Mode=QueryTargets -Project="D:/DT/Main/Modesto/Modesto.uproject" -Output="D:/DT/Main/Modesto/Intermediate/TargetInfo.json" -IncludeAllTargets -DontIncludeParentAssembly -DontIncludeProgramTargets
When we run the commands by themselves in a CMD prompt, or if we just run this:
Main\Engine\Build\BatchFiles\BuildUBT.batWe get the following errors trying to build UBT:
D:\DT\Main\Engine\Source\Programs\Shared\EpicGames.Horde\EpicGames.Horde.csproj : error NU1101: Unable to find package BitFaster.Caching. No packages exist with this id in source(s): Microsoft Visual Studio Offline Packages
D:\DT\Main\Engine\Source\Programs\Shared\EpicGames.IoHash\EpicGames.IoHash.csproj : error NU1101: Unable to find package Blake3. No packages exist with this id in source(s): Microsoft Visual Studio Offline Packages
D:\DT\Main\Engine\Source\Programs\Shared\EpicGames.MsBuild\EpicGames.MsBuild.csproj : error NU1101: Unable to find package Microsoft.Build. No packages exist with this id in source(s): Microsoft Visual Studio Offline Packages
D:\DT\Main\Engine\Source\Programs\Shared\EpicGames.Horde\EpicGames.Horde.csproj : error NU1101: Unable to find package Dapper. No packages exist with this id in source(s): Microsoft Visual Studio Offline Packages
D:\DT\Main\Engine\Source\Programs\Shared\EpicGames.IoHash\EpicGames.IoHash.csproj : error NU1101: Unable to find package JetBrains.Annotations. No packages exist with this id in source(s): Microsoft Visual Studio Offline Packages
D:\DT\Main\Engine\Source\Programs\Shared\EpicGames.Horde\EpicGames.Horde.csproj : error NU1101: Unable to find package Google.Protobuf. No packages exist with this id in source(s): Microsoft Visual Studio Offline Packages
D:\DT\Main\Engine\Source\Programs\Shared\EpicGames.IoHash\EpicGames.IoHash.csproj : error NU1101: Unable to find package Microsoft.Extensions.Configuration. No packages exist with this id in source(s): Microsoft Visual Studio Offline Packages
...
and so on until
RunUBT ERROR: UnrealBuildTool failed to compile.
We tried many things to try to get this working. The only thing which finally worked was to run the command:
dotnet nuget add source https://api.nuget.org/v3/index.json -n nuget.orgOf course, that will only work if you have a .NET SDK installed which our non Visual Studios users do not, so we had to install .NET SDK 10 first.
After those 2 things, UBT would build correctly and the editor would run.
So, we have a workaround, but it would be nice for Epic to investigate this and see if they can make sure it works without an extra magical CMD line 
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