Same kind of issues on Mac mini M1 16 Ventura,
found a quick fix UnrealQFEInstaller that resolved some issues,
quick search to reference it in this post led to
Tech Note - QFE: Multiple updates for Mac fixes in UE 5.1
This QFE available at CL23230400 addresses multiple issues with Mac builds in UE 5.1:
Removed Apple Silicon from default build architectures if installed from Epic Games Launcher, as it is not yet supported in UE 5.1 as a default option. Apple Silicon native build will be available in UE 5.1 through Epic Games Launcher at a later time, but for now please build from GitHub
Fixed a Mobile Preview crash on Mac when Mobile Deferred is enabled and Preview Rendering Level set to iOS Shader 3.1
Fixed an issue that was preventing movable lights from properly casting light on Mac