In Order to replicate update Unreal Engine from 4.26 to Unreal Engine 4.26.1 Chaos Preview open Microsoft Visual Studio, run the windows debugger using Unreal Engine 4.26.1 Chaos Preview then you will potentially get this error. P.S. I can open Unreal Engine using the .uproject.exe file but when I try to open unreal engine using the MSVS debugger it throws this error. I went down to line 4533 in the ShaderCompiler.cpp and this is what I found.
Here are the exact lines that are triggering the error specifically within this function. Basically saying that a global shader is missing, I have no idea how to fix this I am swimming in the deepest part of the ocean right now.