Thanks for your patience! Leigh Swift (Swifty) has a fix that should allow failing chunks to properly get retried if they timeout, along with a couple of other important fixes. We’re trying to build a new QFE for you guys to try in next few hours.
One thing you can try now which should unblock you is following:
Download: https://cdn.unrealengine.com/qfe/UnrealEngineLauncherQFE-FromCL2030636. and replace executable in your “Unreal Engine\Launcher\Engine\Binaries\Win64” folder.
You will still need to pass in “-CPLabel=QFE” in commandline shortcut.