@expo+next-adapter+2.1.69.patch

diff --git a/node_modules/@expo/next-adapter/build/withExpo.js b/node_modules/@expo/next-adapter/build/withExpo.js
index 2e63eb4..b1cf9a9 100644
--- a/node_modules/@expo/next-adapter/build/withExpo.js
+++ b/node_modules/@expo/next-adapter/build/withExpo.js
@@ -7,8 +7,8 @@ function withExpo(nextConfig = {}) {
             // Prevent define plugin from overwriting Next.js environment.
             process.env.EXPO_WEBPACK_DEFINE_ENVIRONMENT_AS_KEYS = 'true';
             const expoConfig = addons_1.withUnimodules(config, {
-                projectRoot: nextConfig.projectRoot || process.cwd(),
-            }, { supportsFontLoading: false });
+                projectRoot: nextConfig.projectRoot || process.cwd()
+            }, { supportsFontLoading: false, webpack5: (options.config.future || {}).webpack5 });
             // Use original public path
             (expoConfig.output || {}).publicPath = (config.output || {}).publicPath;
             // TODO: Bacon: use commonjs for RNW babel maybe...

@expo+webpack-config+0.12.68.patch

diff --git a/node_modules/@expo/webpack-config/webpack/addons/withUnimodules.js b/node_modules/@expo/webpack-config/webpack/addons/withUnimodules.js
index 67671c7..b023007 100644
--- a/node_modules/@expo/webpack-config/webpack/addons/withUnimodules.js
+++ b/node_modules/@expo/webpack-config/webpack/addons/withUnimodules.js
@@ -38,6 +38,7 @@ function withUnimodules(webpackConfig = {}, env = {}, argv = {}) {
         webpackConfig.output = {};
     // Attempt to use the input webpack config mode
     env.mode = env.mode || webpackConfig.mode;
+    const isWebpack5 = argv.webpack5
     const environment = env_1.validateEnvironment(env);
     let { supportsFontLoading } = argv;
     // If the args don't specify this then we'll check if the input already supports font loading.
@@ -105,7 +106,7 @@ function withUnimodules(webpackConfig = {}, env = {}, argv = {}) {
         extensions: env_1.getModuleFileExtensions('web') });
     // Transpile and remove expo modules from Next.js externals.
     const includeFunc = babelLoader.include;
-    webpackConfig = ignoreExternalModules(webpackConfig, includeFunc);
+    webpackConfig = ignoreExternalModules(webpackConfig, includeFunc, isWebpack5);
     // Add a loose requirement on the ResizeObserver polyfill if it's installed...
     webpackConfig = withEntry_1.default(webpackConfig, env, {
         entryPath: 'resize-observer-polyfill/dist/ResizeObserver.global',
@@ -125,7 +126,7 @@ exports.default = withUnimodules;
  * @param webpackConfig Config to be modified
  * @param shouldIncludeModule A method that returns a boolean when the input module should be transpiled and externed.
  */
-function ignoreExternalModules(webpackConfig, shouldIncludeModule) {
+function ignoreExternalModules(webpackConfig, shouldIncludeModule, isWebpack5) {
     if (!webpackConfig.externals) {
         return webpackConfig;
     }
@@ -136,6 +137,14 @@ function ignoreExternalModules(webpackConfig, shouldIncludeModule) {
         if (typeof external !== 'function') {
             return external;
         }
+
+        if (isWebpack5) {
+            return ((ctx) => {
+                const relPath = path_1.default.join('node_modules', ctx.request);
+                return shouldIncludeModule(relPath) ? undefined : external(ctx);
+            })
+        }
+
         return ((ctx, req, cb) => {
             const relPath = path_1.default.join('node_modules', req);
             return shouldIncludeModule(relPath) ? cb() : external(ctx, req, cb);

babel.config.js

module.exports = { 
  presets: ['@expo/next-adapter/babel'], 
  plugins: ["@babel/plugin-proposal-class-properties"],
};

next.config.js

const { withExpo } = require("@expo/next-adapter");
const withTM = require("next-transpile-modules")(["@shared/components"]);
const withPlugins = require("next-compose-plugins");

module.exports = withPlugins([withTM, [withExpo, { projectRoot: __dirname }]], {
  future: { webpack5: true },
});

resolutions

  "resolutions": {
    "webpack": "^5",
    "react": "17.0.1",
    "react-dom": "17.0.1",
    "html-webpack-plugin": "5.3.1"
  },

@marklawlor I notice that you aren't including expo packages or react-native-web in the modules to transpile. Is that what the JSX transform solves?