Unreal Insights Does not Connect to Server

Check to see if you have UnrealTraceServer running locally.
I encountered the same problem, and I found that my local UnrealTraceServer.exe was missing, which prevented me from starting the service.
虚幻引擎5中的Trace | 虚幻引擎 5.4 文档 | Epic Developer Community (epicgames.com)