Same issue here,
Now after installing Dotnet 5.0, 3.1, Visual Studio 2019 and using the command line I get this:
ERROR: Unhandled exception: System.Exception: Unable to find project file based on argument C:\Users\Schnittbrot\Documents\Unreal Projects\Pariser_Platz_5.0\PariserPatz.uproject
at UnrealBuildTool.GenerateProjectFilesMode.TryParseProjectFileArgument(CommandLineArguments Arguments, FileReference& ProjectFile) in d:\build++UE5\Sync\Engine\Source\Programs\UnrealBuildTool\Modes\GenerateProjectFilesMode.cs:line 302
at UnrealBuildTool.GenerateProjectFilesMode.Execute(CommandLineArguments Arguments) in d:\build++UE5\Sync\Engine\Source\Programs\UnrealBuildTool\Modes\GenerateProjectFilesMode.cs:line 83
at UnrealBuildTool.UnrealBuildTool.Main(String ArgumentsArray) in d:\build++UE5\Sync\Engine\Source\Programs\UnrealBuildTool\UnrealBuildTool.cs:line 565