Thanks for posting and reporting the issue!
This is my first time seeing this pop-up since others were able to get the game running normally on their systems and never had this happen to them. From the looks of it, it's related to the Vulkan renderer, which is odd considering it should run better than Direct X. The issue could still be tied to Unreal Engine 5.4, but I'll keep this issue in mind during the full game's development.
If you'd like to know the graphics card I use, it's a Nivida GTX 1050.