The error message is pretty good in this case: project does not exist.
Check your angular.json file.
a. find key "defaultProject". it should be name of your project.
b. find key projects. by default, it should have only object with your project name.
Either you can add a new project with required configuration
or
just rename both defaultProject value and project project object key.

If you have set HMR correctly then all should go well otherwise you will find below error:
Configuration 'hmr' is not set in the workspace.