Hey you just cant connect directly localhost with your react-native develpoment since it already has a port assigned on which it runs.
You can check this article which explains greatly about how to cinfugyre.
React Native Android Fetch failing on connection to local API
Basically you have to map your port to via ADB
this is the exact quote:
You are not able to access your local development server because that port hasn't been forwarded by ADB yet. When you run react-native run-android, React Native maps the port 8081 with your mobile device on USB. When you disconnect your USB you won't be able to refresh or hot reload your code anymore. So in this situation you can do 2 things, either map your local server port just like React Native does or use your local IP address
Do lemme know in case of any concerns