Launching engine gives nonsense message about missing modules

I just rebuilt my development machine. Fresh windows install, fresh install of Unreal and visual studio. Im now getting the exact same issue when creating a fresh 5.5.4 project.

I create the project. Everything works great. I close the project and reopen it.. i get the message

The following modules are missing or build with a different engine version

MyProject

Would you like to rebuild now?

if i click yes.. it fails..

if i try to open the project agian, everything works fine.

This feels like a bug.

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