Unreal Editor for macOS Xcode not found

I’m trying to run Unreal Editor 5.5.4 on a Macbook Pro (M1 Pro) running macOS 15.4, but I get a dialog claiming “Xcode not found”. Xcode 16.3 is installed and was installed through App Store (and works fine for iOS/macOS development). The license agreement has been confirmed both in Xcode and in my developer account. The command line tools are installed, and compiling using the CLI works. Why can’t Unreal Editor find Xcode?