Open Android studio
In front of Virtual device running, you will see three dots -> Click on it, then click on wipe data.
Now stop the virtual device for example "Pixel 7 API 35" by clicking the stop button in front of it.
Now go to the terminal and stop node server by ctrl + c (if running).
Now start your React Native app by "npm start" or whatever command you are using to start it.
It should work now.