Solution

Until the proper fix makes it into the next release, Unreal Engine can be compiled with the v14.22 instead of the v14.23 toolset.

First install the toolset:

1. Launch the Visual Studio Installer
2. Under the Installed tab in the Visual Studio 2019 item, click the More dropdown and select Modify
3. Go to the Individual Components tab and enable MSVC v142 - VS 2019 C++ x64/x86-Buildtools (v14.22)
4. Click the Install while downloading button in the bottom right

Unreal Build Tool (UBT) must be configured to use the v14.22 build tools:

1. Open the local Unreal Engine build configuration in a text editor: %AppData%\Roaming\Unreal Engine\UnrealBuildTool\BuildConfiguration.xml
2. Change the UBT configuration to use the 14.22 toolset:

   <?xml version="1.0" encoding="utf-8" ?>
   <Configuration xmlns="https://www.unrealengine.com/BuildConfiguration">
   <WindowsPlatform>
       <CompilerVersion>14.22.27905</CompilerVersion>
       <Compiler>VisualStudio2019</Compiler>
   </WindowsPlatform>
   <VCProjectFileGenerator>
       <Version>VisualStudio2019</Version>
   </VCProjectFileGenerator>
   </Configuration>

Finally, regenerate your project files and open the solution in Visual Studio to fix the project:

1. Right-click the game project in the Solution Explorer
2. Select Properties
3. In the General section, change Include Directories to Inherit

The project should now compile again without errors.