Augmented Reality App made by unreal engine takes forever to launch on android mobile

I just launched the basic AR HandHeld template on the unreal engine and it takes at least 3-4 min to just open an installed android app. It is a standard template with bare minimum assets. Still, it takes 300+ Mb space and takes 3-4 minutes just to open the app. Can anyone help me how to reduce the space and most importantly the launching time?

Mobile - Redmi Note 8 (8gb Ram)