This path does not exist and a prompt to retry connecting appears and keeps the editor from loading. This looks to be part of the Derived Data Cache feature that you should be able to optionally turn on but ends up being triggered with this path by default on my Mac.
From what I can tell, this happens due to MacEngine.ini config file located in the ShaderCompileWorker program. If I comment out the Shared and AltShared settings in that file, it appears that the system uses the values from DefaultEngine.ini and runs fine.
Is there something that I’m missing or doing incorrectly here? It seems odd that getting the code, compiling it, and running it would default to trying to hit a path that doesn’t exist.