Webpack has been initialized using a configuration object that doesn't match the API schema

Question

Using Ruby on Rails (6.1.4.4) and constantly getting the following error after upgrading webpack from 4.46.0 to 5.67.0 and webpack-cli from version 3.3.12 to 4.9.2:

root@b26d476dafbd:/myapp$ bin/webpack
[webpack-cli] Invalid configuration object. Webpack has been initialized using a configuration object that does not match the API schema.
 - configuration.node should be one of these:
   false | object { __dirname?, __filename?, global? }
   -> Include polyfills or mocks for various node stuff.
   Details:
    * configuration.node has an unknown property 'dgram'. These properties are valid:
      object { __dirname?, __filename?, global? }
      -> Options object for node compatibility features.
    * configuration.node has an unknown property 'fs'. These properties are valid:
      object { __dirname?, __filename?, global? }
      -> Options object for node compatibility features.
    * configuration.node has an unknown property 'net'. These properties are valid:
      object { __dirname?, __filename?, global? }
      -> Options object for node compatibility features.
    * configuration.node has an unknown property 'tls'. These properties are valid:
      object { __dirname?, __filename?, global? }
      -> Options object for node compatibility features.
    * configuration.node has an unknown property 'child_process'. These properties are valid:
      object { __dirname?, __filename?, global? }
      -> Options object for node compatibility features.

Here's an example of my package.json:

{
  "name": "vspm",
  "private": true,
  "dependencies": {
    "@claviska/jquery-minicolors": "^2.3.6",
    "@rails/activestorage": "^7.0.1",
    "@rails/ujs": "^7.0.1",
    "@rails/webpacker": "5.4.3",
    "add": "^2.0.6",
    "bootstrap": "5.1.3",
    "bootstrap4-tagsinput": "^4.1.3",
    "bufferutil": "^4.0.6",
    "cocoon": "github:nathanvda/cocoon#c24ba53",
    "datatables.net": "^1.11.4",
    "datatables.net-bs4": "^3.2.2",
    "google-libphonenumber": "^3.2.26",
    "intl-tel-input": "^17.0.15",
    "jquery": "^3.6.0",
    "jquery-mask-plugin": "^1.14.16",
    "justgage": "^1.5.1",
    "moment": "^2.29.1",
    "node-waves": "^0.7.6",
    "popper.js": "^1.16.1",
    "raphael": "^2.3.0",
    "textlint": "^12.1.0",
    "utf-8-validate": "^5.0.8",
    "webpack": "^5.67.0",
    "webpack-cli": "^4.9.2",
    "yarn": "^1.22.17"
  },
  "description": "This README would normally document whatever steps are necessary to get the application up and running.",
  "version": "1.0.0",
  "main": "pdf.js",
  "directories": {
    "lib": "lib",
    "test": "test"
  },
  "scripts": {
    "test": "echo \"Error: no test specified\" && exit 1"
  },
  "repository": {
    "type": "git",
    "url": "git+https://github.com/altjx/goku.git"
  },
  "author": "",
  "license": "ISC",
  "bugs": {
    "url": "https://github.com/altjx/goku/issues"
  },
  "homepage": "https://github.com/altjx/goku#readme",
  "devDependencies": {
    "@babel/plugin-transform-strict-mode": "^7.16.7",
    "webpack-dev-server": "^4.7.3"
  }
}

Not quite sure what would cause this in the upgrade. Unfortunately I'm not even sure where the error message is even pointing to in terms of what the issue really is here.