ionic serve stuck on "Waiting for connectivity with react-scripts" with Node v18

**Description:**

Node v18.12.1 is the current LTS version. Running `ionic serve` in an Ionic React project created by the Ionic CLI keeps logging
```
[INFO] Waiting for connectivity with react-scripts...
```
and as a result live reload doesn't work.

The exact same project runs fine with Node v16.18.1.

**Steps to Reproduce:**

Simply create a new Ionic React project and start it
```
ionic start my-app blank --type=react
cd my-app
ionic serve
```

**Output:**

```
% ionic serve
> react-scripts start
[react-scripts] (node:15924) [DEP_WEBPACK_DEV_SERVER_ON_AFTER_SETUP_MIDDLEWARE] DeprecationWarning: 'onAfterSetupMiddleware' option is deprecated. Please use the 'setupMiddlewares' option.
[react-scripts] (Use `node --trace-deprecation ...` to show where the warning was created)
[react-scripts] (node:15924) [DEP_WEBPACK_DEV_SERVER_ON_BEFORE_SETUP_MIDDLEWARE] DeprecationWarning: 'onBeforeSetupMiddleware' option is deprecated. Please use the 'setupMiddlewares' option.
[react-scripts] Starting the development server...
[react-scripts]
[react-scripts] You can now view my-app in the browser.
[react-scripts] Local: http://localhost:8100
[react-scripts] On Your Network: http://192.168.1.120:8100
[react-scripts] Note that the development build is not optimized.
[react-scripts] To create a production build, use npm run build.
[react-scripts] webpack compiled successfully
[react-scripts] Files successfully emitted, waiting for typecheck results...
[react-scripts] Issues checking in progress...
[react-scripts] No issues found.
[INFO] Waiting for connectivity with react-scripts...
[INFO] Waiting for connectivity with react-scripts...
(repeats last message forever)
```

**My `ionic info`:**

```
Ionic:

Ionic CLI : 6.20.4 (/Users/mirko/.nvm/versions/node/v18.12.1/lib/node_modules/@ionic/cli)
Ionic Framework : @ionic/react 6.4.0

Capacitor:

Capacitor CLI : 4.6.1
@capacitor/android : not installed
@capacitor/core : 4.6.1
@capacitor/ios : not installed

Utility:

cordova-res : not installed globally
native-run : 1.7.1

System:

NodeJS : v18.12.1 (/Users/mirko/.nvm/versions/node/v18.12.1/bin/node)
npm : 8.19.2
OS : macOS
```

**Other Information:**

In the Ionic Forum: [[INFO] Waiting for connectivity with react-scripts](https://forum.ionicframework.com/t/info-waiting-for-connectivity-with-react-scripts/221876)