No matter how I configure it, the exported image is always black 
I added the following configuration to the project settings:
And set the export format to PNG, which works fine in UE4 but not for UE5
Consider filing a bug report if no one follows up here, especially if it’s different than UE4.
black export usually means the output was rendered without alpha — sequencer/movie render queue needs Transparent Background or export as exr/png sequence with alpha enabled, mp4 wont carry it. for playback of that result afterwards, if you re-import the sequence with alpha, make sure its ImgMediaSource and the material is Translucent with alpha → opacity. if its for UMG playback, alpha video player from fab Alpha Video Player - Transparent Video UMG Widget & UI Media Component (UE5) | Fab plays those exr/png sequences with proper alpha compositing so you dont have to rewire after every export