Hello!
The issue is due to libncurses5 being considered legacy, despite even today, literally years later being a dependency for various applications. Local included.
The easiest fix would be for WPEngine/Flywheel to move it along to ncurses6. which is more widely available. An immediate fix in your case is possible but comes with risks if you are not confident bringing in packages from Ubuntu 22.04 without it interfering with the rest of your system.
The 22.04 package can be found here : https://packages.ubuntu.com/jammy/libncurses5
There is other posts relating to this throughout the forum, for example : https://community.localwp.com/t/i-can-not-install-localwp-into-ubuntu-23-10-because-comes-back-with-error-dependency-is-not-satisfiable-libncurses5/38920/4
I’ll take this opportunity to urge WPEngine to consider resolving this dependency issue, or better still, release Local as a Flatpak, Snap or even a AppImage…