Unreal engine 5.1 - Editor hangs on Apple M1?

Staring Unreal Editor 5.0.1 hangs with the Ingo of “34% Compiling shaders” at Splash Screen. Any suggestions what’s going wrong?

I Launch 5.0.1 for the first time today on a M1 and thought the same thing. It ended up completing after about 20-25 minutes though.

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