React Error when compiling in dev environment

I am getting webpack cli error when running dev react app in VS 2022. Any help is very much appreciated. @Mosh

[webpack-cli] Invalid options object. Dev Server has been initialized using an options object that does not match the API schema.

  • options has an unknown property ‘hotOnly’. These properties are valid:
    object { allowedHosts?, bonjour?, client?, compress?, devMiddleware?, headers?, historyApiFallback?, host?, hot?, http2?, https?, ipc?, liveReload?, magicHtml?, onAfterSetupMiddleware?, onBeforeSetupMiddleware?, onListening?, open?, port?, proxy?, server?, setupExitSignals?, setupMiddlewares?, static?, watchFiles?, webSocketServer? }