I just got 5.1. Same behavior. I’m using an M1 iMac, raytracing is not mentioned in the DefaultEngine.ini. Took a bunch of time to even start the editor, and a similar amount of time to open a new project based on the FPS template.
I understand that compiling shaders is a thing which needs to happen, but I don’t understand why it needs to happen every time I start a new project, especially since I haven’t even selected any at all.