Having this issue as well, UE 5.1.1. Also developing for VR like @Nico_Puccio . Mine is stuck at 35% Compiling Global Shaders. Initially I got the exact same message, but it seems to be a little different the second time in (instead of “submitting global shader dcc request”).
When I kill SteamVR process it’ll continue a bit. I tried restarting SteamVR before the project load was done and it hung the project at “Initializing”.