.NET: Microsoft Technologies based on the .NET software framework. Runtime: An environment required to run apps that aren't compiled to machine language.
OK I found a solution. Hope it can help if you are facing the similar problem.
Just download VS 2019. In the installer check .NET 4 multi targeting pack only (no need to install other payloads). Install.
Then VS 2022 should be able to build projects targeting 4.0.