At the time of writing this post, TypeScript 3.7 is in beta. Eventually, this post will become irrelevant. But, for the moment if you are trying to get TypeScript 3.7 Beta or any of the RC builds working with Webpack and ts-loader you might have encountered a bunch of red text in your console.
In my case, I had target: "esnext" set in my tsconfig.json file which the ts-loader plugin should read and set the appropriate settings. And yet, TypeScript 3.7 Beta was not working despite making sure everything was up to date.
It turns out at present, ts-loader does not seem to work with esnext as the target value (hopefully, this changes when TypeScript 3.7 is released). To get things working, all you need to do is change your target value in tsconfig.json to es2018 like this: "target": "es2018"
In my case, that fixed the issue and I could use the exciting new features TypeScript has to offer such as Nullish Coalescing and Optional Chaining. Happy days.