I recently encountered the same issue and found an effective solution. You can resolve it by setting the React Native packager hostname to your local IP address. Simply run the following command in your VSCode PowerShell terminal:

Set-Item env:REACT_NATIVE_PACKAGER_HOSTNAME "your_ip_address"; npx expo start

Make sure to replace "your_ip_address" with your actual IP address. This approach worked wonders for me!