After building UE5-EA2 from source, editor won't open (missing UnrealEditor.modules file), why?

Hi, this is my first time trying to build UE from source code (I need it to package a dedicated server).

Following are the steps I took:

  1. Downloaded the source code as a ZIP file from here:
  2. Used PowerShell to run Setup.bat with the following options:
    .\Setup.bat -exclude=Linux -exclude=Mac -exclude=Android -exclude=TVOS -exclude=IOS -exclude=GoogleVR -exclude=GoogleTest -exclude=LeapMotion -exclude=Dingo -exclude=Switch
  3. Again from PowerShell executed: ./GenerateProjectFiles.bat
  4. Opened UE5.sln in Visual Studio, set the solution as Development Editor and Win64, then built the UE5 project.
  5. After the build, trying to open …\Engine\Binaries\Win64\UnrealEditor.exe throw the next popup:

The Game has crashed and will close

Fatal error: [File:C:/UnrealEngineSource/UE-5-EA2/Engine/Source/Runtime/Core/Private/Modules/ModuleManager.cpp] [Line: 1035]
Unable to read module manifest from ‘…/…/…/Engine/Binaries/Win64/UnrealEditor.modules’. Module manifests are generated at build time, and must be present to locate modules at runtime.

So, why is it not generating the UnrealEditor.modules file when building the project?
I appreciate your help in advance.

Note: did the whole process 2 times, once using VS 2019, then using VS 2022 with the same results/errors.