Found a fix for this that resolved the issue on my end. Remove or comment-out Line 81(r.OpenGL.ForceDXC=0) from the DefaultEngine.ini in your project (or in the HandheldAR template before creating a new project). Also, disable Vulkan, as ARCore does not support Vulkan yet.
This fixed the issue on my end. This is slated to be fixed in UE 5.0.2 which should be released around the end of May.