This issue might occur because of the blockage of default port. In my case, I was able to fix it after executing following steps-
- Start dev server on a new port:-
react-native start --port=8088
- Open developer menu by vibrating on actual connected device or pressing 'Ctrl + M' on emulator.
- Select Dev Settings
- Under Debugging select Debug server host & port for device
- Enter the url and port for your application as '10.0.2.2:8088'