I have tried .ogg, .wav - all result in the same error. I am editing and exporting sounds from Audacity using the default .ogg export settings. Importing these same sounds in UE4 yields no errors and turns out fine.
I’ve just had this exact same issue. Fortunately I found some answers from the UE4 Archive and it helped me.
You can download Audacity can convert the WAV audio encoding into 16-bit PMC. Unreal Engine 5 doesn’t seem to accept any .wav files above 16-bit, not yet anyways.