Friends had the same problem.
I use Windows 11, RTX 3060 ti and AMD Ryzen 9 5900X
Unreal Engine 4.27.2 to 5.0
I installed the DirectX SDK, Microsoft Visual C++ 2010 x86 Redistributable and verified the Unreal installation and my project was still failing.
I noticed that when I open the 4.27 project in 5.0 it offers the option to create a copy and convert.
Desperate to ask him not to create a copy and not convert.
My project opened and worked without crashes. But my project has not been updated.
So I made a backup and asked him to convert on the spot.
It started working normally.