It is a known issue.
If you are using yarn, you can easily get around it using resolutions.
Add the following to your package.json to allow yarn to resolve babel-loader version 8.1.0 (the version required by CRA, not Storybook):
"resolutions": {
"babel-loader": "8.1.0"
},
After that, make sure to run yarn install to refresh your dependencies and update yarn.lock file