I ran most of Unreal 5 Preview just fine on an 8-year-old laptop until just recently. It had a GTX960n, i7 (skylake) and 32GB of RAM. It only started to get difficult when attempting to actually run a simulation. I’m not really sure what could be going on for you.
Have you made sure that your computer is using the dedicated graphics card for Unreal? Sometimes when I get new programs, I have to go into my settings and manually assign that program to the dedicated card, instead of the on-board.