Can't run it.
A D3D11-compatible GPU (Feature Level 11.0, Shader Model 5.0) is required to run the engine.
I don't think this game needs a heavy video card.
These options are indeed available in project settings, but the game engine doesn't support versions older than Directx11:
If your graphics card doesn't support DirectX11, unfortunately, I don't think it's possible to launch the game.
EDIT: The game currently supports DirectX12, so if your graphics card is compatible with DirectX11 versions but not with the DirectX12 version, I understand that this may trigger this error.
If you wish, I can release the game with DirectX11 support if that helps.