upgrading flipper version solves the issue for me, If upgrading flipper version doesn't solve for you then try this solution.
Whoever is still struggling with this issue. it's happening because of Flipper network plugin. I disabled it and things work just fine.
My workaround to make this work is commenting outline number 43
38 NetworkFlipperPlugin networkFlipperPlugin = new NetworkFlipperPlugin();
39 NetworkingModule.setCustomClientBuilder(
40 new NetworkingModule.CustomClientBuilder() {
41 @Override
42 public void apply(OkHttpClient.Builder builder) {
43 // builder.addNetworkInterceptor(new FlipperOkhttpInterceptor(networkFlipperPlugin));
44 }
45 });
46 client.addPlugin(networkFlipperPlugin);
in this file android/app/src/debug/java/com/maxyride/app/drivers/ReactNativeFlipper.java