Your’re using a laptop or other computer with two graphics cards, and the engine is finding the “wrong” one. Typically, the integrated-with-CPU graphics, when you also have a discrete card. Typically, on these systems, there’s a control panel that lets you set which card to use for which program; set it up to use the dedicated card for the Unreal editor execurable. (You may need to do this each time you upgrade the editor/engine)
You haven’t updated to Windows 11, or the latest edition of Windows 10. Windows 10 comes in many editions, and only the latest edition will support the latest D3D shader model features. Note that the “system info” will still say that the card supports the shader model, because that’s what the driver says, but some needed additional system support isn’t available in earlier Windows versions. Use Windows Update to get the latest and greatest edition (not just security patches.)