A packaged build does run. This is after deleting the saved / intermediate folders, then cooking the content for windows:
Exception thrown at 0x00007ff967e93c58 in RenderTargetTest-Win64-DebugGame.exe: Microsoft C++ exception: xSharedMemoryException at memory location 0x0000001cecacee70.
Assertion failed: HasFoundDataDirectory [File:D:\Build\++UE4+Release-4.16+Compile\Sync\Engine\Source\Runtime\Core\Private\Internationalization\ICUInternationalization.cpp] [Line: 128]
ICU data directory was not discovered:
../../../RenderTargetTest/Content/Internationalization
../../../Engine/Content/Internationalization
RenderTargetTest-Win64-DebugGame.exe has triggered a breakpoint
See also: