I have the exact same problem and can confirm its not just a windows 11 thing, I’m running windows 10 and it still happens. The issue started for me when I updated to 5.0.3. I then updated to 5.1 and it persisted. I updated AMD graphics drivers to the most recent 22.11, still happened. Downgraded graphics drivers to 22.5, still happened. Tomorrow I will install unreal 4.27 or whatever the most recent 4.x version is at this point and see if it happens there to. If I still feel up for it I may swap out my RX 6700 XT for my GTX 970 and see if it happens on that too. At this point it seems to be an Unreal Engine problem, not an OS problem or a graphics card/driver problem. Hopefully we can narrow this down and get a fix soon.
Specs:
OS: Windows 10
CPU: Ryzen 5 3600 CPU
GPU: RX 6700 XT
RAM: Crucial Ballistix 2x8 GB 3600 MHz RAM (underclocked to 3200 mhz)
MB: ASRock B550 Phantom Gaming 4ac
PSU: AresGame 850W Gold