I’m having the same problems on both 5.03 & even 5.10 (Preview) versions.
I thought something’s going on for the UE installed from the Epic Games Launcher & decided to use the source version.
Same results still, every clicks on the Unreal Editor menu will cause this as well, even when there’s no shader compilations.
Can you share your specs? I’m using Ryzen 5 3600, Radeon RX 6900xt with 32GB of RAM, last time I was using nvidia & was able to use the engine just fine previously.