We’ve been able to work around this by using a custom engine build that reverts all of the files in Window/BootstrapPackagedGame directory to (i think) this commit https://github.com/EpicGames/UnrealEngine/commit/d785b5b71b09ae28403e107dc632d4905fb89c42
Basically we’re opting into the pre-5.4.0 codepath. Is this going to cause problems by using a VC version number mismatched with the prerequisite installer? I don’t know! Steam will handle your prereqs for you and nobody has complained yet. YMMV.