After version 5.3 of the engine, even with the source code, it is not possible to automatically compile the project when opening project. You can only manually compile it from the IDE. This tutorial demonstrates how to manually compile the plugin using VS2022. After compilation, simply copy the contents of the Plugins folder to the engine of the same version, and it will be ready to use without needing to reinstall VS2022 or recompile.
https://dev.epicgames.com/community/learning/tutorials/nWOl/unreal-engine-how-to-build-source-code-plugin-using-ide