Update: Able to build without error…
My BuildConfiguration.xml (Located in User Folder/AppData/Roaming/Unreal Engine/UnrealBuildTool/) looks like this:
<?xml version="1.0" encoding="utf-8" ?>
<Configuration xmlns="https://www.unrealengine.com/BuildConfiguration">
<WindowsPlatform>
<Compiler>VisualStudio2022</Compiler>
<CompilerVersion>14.30.30705</CompilerVersion>
</WindowsPlatform>
</Configuration>
Edit: Make sure you have the correct older compiler installed (use Visual Studio installer)
Edit2: You can make use of placing the BuildConfiguration.xml file in your documents folder instead of the appdata directory, as others have posted: C:\Users\USERNAME\Documents\Unreal Engine\UnrealBuildTool