Hello,
Two possible reason to have this issue:
1. Your rig does not met the minimum requirement.
2. You are missing some of the UE5 requirements, like latest GPU driver, diectx or visual studio.
Please go to "Steam/steamapps/common/Project Werewulf/Engine/Extras/Redist/en-us" and double click on "UEPrereqSetup_x64", it will install the latest visual studio and directx. Also please make sure you have the latest GPU driver installed.