Having the same issue.
Following villinx’s instructions solves the “Preferred Version” issue, but the compiling still fails.
For reference the correct directory for solving the “Preferred Version” issue is AppData\Roaming\Unreal Engine\UnrealBuildTool and the VS component I used was MSVC v143 - VS 2022 C++ x64/x86 build tools (v14.38-17.8)
The remaining error is Platform Win64 is not a valid platform to build. Check that the SDK is installed properly and that you have the necessary platform support files (DataDrivenPlatformInfo.ini, SDK.json, etc)., which is shared in OP’s error.
One clue, when running Build.bat as suggested by tootzoe, is that the console output included this line, Using bundled DotNet SDK version: 8.0.300. According to the link provided by villinx, the Windows 10 SDK should be 10.0.18362 or newer. It is not made clear if the “Windows 10 SDK” shown in the Unreal Engine documentation is referring to the same DotNet SDK shown in the terminal output when running Build.bat.
I have confirmed in the Visual Studio installer that Windows 10 SDK (10.0.18362.0) is installed, however the .NET Framework SDK is version 4.8.
So, it’s unclear exactly what the “bundled DotNet SDK version: 8.0.300” reported by Build.bat actually is.
Perhaps this information might be helpful to someone more experienced?