No need… I had the same issue. Found the answer from another user. We have to download the excat XCode that works for us and download it by ourselves in the link bellow.
But first, you must upgrade your macOS to at least Catalina (That’s a requirement to run Unreal Engine 4.27 and above). Check on your “About this Mac” at the Apple icon at the upper left, if your Mac has the requirements to use Catalina. Also, I saw it’s better to download the first release, and then upgrade to the latest update after.
I downloaded mine here:
MacOS 10.15.7 requires Xcode 12.4, you can find that here: Sign In - Apple
MacOS 10.15.7 Catalina requires Xcode 12.4, you can find that here: Sign In - Apple
There, you’ll scroll really down till you see:
XCode 12.4 - January 27, 2021
Click on “VIew Details” and then XCode 12.4.xip file with 10.86GB
Once you download it, click on it to extract. Then, move the extracted app to your Applications folder.
Then, open the App to Agree with the License, and follow any further instructions that pops up.