UE4 4.26.2 freezes when clicking materials drop down menu

I created an empty level and added a simple cone character with no other apps running. When I try to select materials dorp down menu on Details panel, the program feezes. I can drag the material directly to the mesh but I cannot do anything else.
It is an empty project so no other content/template is in the folder.

My system:
16 GB 3733 MHz LPDDR4X
2.3 GHz Quad-Core Intel Core i7
Intel Iris Plus Graphics 1536 MB