Got the same problem - however it also looks like there are actualy no updates to the UE5 installations. That Is the launcher opens and UE5 is there, but I still have the link to UE_5.0EA - but it is not spelled out in the launcher what it actually - it looks like I do not have UE5 installed yet… very confusing, that laucher is still! 
Edit: Seems like the only option is to use the verify option in the launcher and see what happens.
2nd edit - looks like the UE5 version I have now is Early access still. Guess i need to remove it at install the new version.