Ok, so after a couple of restarts and a graphics driver upgrade that did nothing, I did the following:
Imported all collections into a new file (black).
Imported object per object until I got black (volume was seemingly the culprit).
Imported only the volume shader into a new file (looked fine).
Opened the original file again (everything looked fine).
Is it because my scene is so large that the shader compiler just craps out? I noticed that Blender is several orders of magnitude faster than Unreal to compile those…