hi 7 years late here but I struggled with this when UE5 was released and tried lots of things before I got it to work so wanted to share my steps:
switched my driver to NVIDIA studio driver instead of game ready driver
ensured that all of my intel graphics card features were turned off ( anything that required extra internal graphics card processing
set settings in NVidia control panel under manage 3d settings ( I am running on a 3060laptop) : 1gb shader cache size, for UE5 application specific settings under “program settings” I set OpenGL rendering GPU to the Nvidia.
I messed with this for a long time but these were the last of the steps that I did before a final restart and when I fire up UE5 now everything works great with Lumen and Raytracing enabled, 60fps locked as it should be.
Hope this helps someone,
Cheers
Tele