It seems it is the bug in the old version of react-native I also have suffered from it sometimes, I have solved the same problem as below:
To resolve that,
1. We have to move to the project folder.
2. Open \node_modules\metro-config\src\defaults\blacklist.js
3. Replace the following regex of var sharedBlacklist :

var sharedBlacklist = [ /node_modules[/\\]react[/\\]dist[/\\].*/, /website\/node_modules\/.*/, /heapCapture\/bundle\.js/, /.*\/__tests__\/.*/ ];
With
var sharedBlacklist = [ /node_modules[\/\\]react[\/\\]dist[\/\\].*/, /website\/node_modules\/.*/, /heapCapture\/bundle\.js/, /.*\/__tests__\/.*/ ];

You have two solutions:
either you downgrade node to V12.10.0 or you can modify this file for every project you will create.
**node_modules/metro-config/src/defaults/blacklist.js** Change this:
var sharedBlacklist = [ /node_modules[/\\]react[/\\]dist[/\\].*/, /website\/node_modules\/.*/, /heapCapture\/bundle\.js/, /.*\/__tests__\/.*/ ];
to this:
var sharedBlacklist = [ /node_modules[\/\\]react[\/\\]dist[\/\\].*/, /website\/node_modules\/.*/, /heapCapture\/bundle\.js/, /.*\/__tests__\/.*/ ];