I am not sure if it is helpfull but I will share my experience as a possible answer. I struggled for three days trying to face a very similar issue as yours. And in my case it was working properlly until that. I created a question here but I din't get answer yet. Well, I tried all I found around. Then I read somewhere someone facing issues with emulator and just downground it and it fixed it. I just tried downgraded from Android 10+ to Android 10 and to API #29 and I got a complete diferent issue. Than I tried again to Android 9 and API #28 and it fixed my issue.
One more thing it can be usefull. I noted that before I downgraded Android/API I had many more for this list
C:\Users>netstat -ano | findstr "5037"
TCP 127.0.0.1:5037 0.0.0.0:0 LISTENING 7892
TCP 127.0.0.1:5037 127.0.0.1:49735 ESTABLISHED 7892
TCP 127.0.0.1:5037 127.0.0.1:51843 ESTABLISHED 7892
TCP 127.0.0.1:5037 127.0.0.1:51855 ESTABLISHED 7892
TCP 127.0.0.1:5037 127.0.0.1:51859 ESTABLISHED 7892
TCP 127.0.0.1:5037 127.0.0.1:51867 ESTABLISHED 7892
TCP 127.0.0.1:49735 127.0.0.1:5037 ESTABLISHED 9604
TCP 127.0.0.1:51843 127.0.0.1:5037 ESTABLISHED 13184
TCP 127.0.0.1:51855 127.0.0.1:5037 ESTABLISHED 9604
TCP 127.0.0.1:51859 127.0.0.1:5037 ESTABLISHED 9604
TCP 127.0.0.1:51867 127.0.0.1:5037 ESTABLISHED 9604
And maybe checking you SDk Tools installed can help also

