Metro not bundling Android ("done", but doesn't bundle)

Environment

System:
    OS: macOS 10.15.1
    CPU: (8) x64 Intel(R) Core(TM) i7-7700HQ CPU @ 2.80GHz
    Memory: 150.90 MB / 16.00 GB
    Shell: 5.7.1 - /bin/zsh
  Binaries:
    Node: 12.12.0 - /usr/local/bin/node
    Yarn: 1.19.1 - /usr/local/bin/yarn
    npm: 6.13.0 - /usr/local/bin/npm
    Watchman: 4.9.0 - /usr/local/bin/watchman
  SDKs:
    iOS SDK:
      Platforms: iOS 13.2, DriverKit 19.0, macOS 10.15, tvOS 13.2, watchOS 6.1
    Android SDK:
      API Levels: 28, 29
      Build Tools: 28.0.3, 29.0.2
      System Images: android-28 | Google APIs Intel x86 Atom, android-28 | Google Play Intel x86 Atom
  IDEs:
    Android Studio: 3.5 AI-191.8026.42.35.5791312
    Xcode: 11.2.1/11B500 - /usr/bin/xcodebuild
  npmPackages:
    react: 16.9.0 => 16.9.0
    react-native: 0.61.4 => 0.61.4
  npmGlobalPackages:
    react-native-cli: 2.0.1

Description

Since upgrading to RN 61, I haven't been able to properly open my app on Android.

When I try to run the app with react-native run-android, the Metro bundler does not launch automatically.

When I run Metro with npx react-native start --reset-cache, it runs on port 8081 and loads the dependency graph but it doesn't bundle when I attempt to run the app on the CLI. It seems to behave like this in debug and release environments.

Any insight would be greatly appreciated!

Steps I've tried

• npx react-native start --reset-cache
• watchman watch-del-all
• watchman watch-del-all && rm -rf node_modules/ && npm cache clean && npm install && npm start --reset-cache
• brew uninstall watchman && brew install watchman
• delete node_modules, npm install clean project, rebuild project, invalidate caches / restart.
• migrating my node_modules to AndroidX

Start by reproducing the issue with react-native run-android and npx react-native start --reset-cache, comparing the reported debug and release behavior. Trace the Metro bundling path used by the Android CLI; the issue is done when the bundler launches or connects as expected and produces the Android bundle.