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 article was written by Laura B
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
The original link where I found this file
the Github link has a bad reference now