Found by trial error:
This two line in the DefaultEngine.ini was causing the crash:
PreviewShadowsIndicatorMaterialName=/Engine/EditorMaterials/PreviewShadowIndicatorMaterial.PreviewShadowIndicatorMaterial
PreviewShadowsIndicatorMaterialName=None
Deleting the second one which set that parameter to None fixed the crash and now the project open fine and everthing works.