seems this problems is invoke by zen server, new tools with ue5.4, when unreal engine can not connet with zen server, will trigger this problems, so I found some reasome like that:
1、some network software like that vpn will block connection within unreal engine to zen sever
2、file directory can not access.
you can run ZenDashboard.exe in UE_5.4\Engine\Binaries\Win64 to check ze server stauts, if dashboard data is like this maybe this problems will solve.
and zen server config you can browser below link to learn.
relative problmes link:
https://forums.unrealengine.com/t/unreal-5-4-crash-will-not-start-unreal-zen-storage-server-failed-to-launch/1765413/13