A dependency conflict between CRA and Storybook

Intro

You may find this post helpful IF you,

1. initialized a project using CRA  - in my case, I used npx create-react-app myApp - template redux-typescript
2. installed storybook using npx sb init on top of CRA settings
3. npm start or yarn start throws an error regarding webpack(4.44.2) and/or babel-loader(8.1.0) package

I tried all possible methods listed on StackOverflow and other blogs. However, I just wanted to share the one that fixed my issue.
Some suggest using the SKIP_PREFLIGHT_CHECK flag; it won't resolve the issue but only covers the matter.

A part of the logged out instructions

There might be a problem with the project dependency tree.
It is likely not a bug in Create React App, but something you need to fix locally.
The react-scripts package provided by Create React App requires a dependency:
"webpack": "4.44.2"

What worked in my case

In package.json, add the option below

 "optionalDependencies": {
 "babel-loader": "8.1.0" // or webpack if it's the one causing the error.
 }

Here's the link to the StackOverflow post.