Is it a mod compatibility issue?

Yes

If it's a mod compatibility issue, please provide the link(s) to the incompatible mod(s)

No response

Minecraft version

1.20.4

Describe the issue

Changelog for this version says compatibility was moved to Irs 1.7.0. But an error is shown when using Iris 1.7.0

Incompatible mods found!
net.fabricmc.loader.impl.FormattedException: Some of your mods are incompatible with the game or each other!
A potential solution has been determined, this may resolve your problem:
- Remove mod 'Iris' (iris) 1.7.0-snapshot+mc1.20.4-6bad887-dirty (C:\MineCraft-DistantHorizons\mods\iris-1.7.0-snapshot+mc1.20.4-6bad887-dirty.jar).
More details:
- Mod 'Immersive Portals' (immersive_portals) 5.1.8 is incompatible with any version before 1.7.0 or any version after 1.7.0 of mod 'Iris' (iris), but a matching version is present: 1.7.0-snapshot+mc1.20.4-6bad887-dirty!
at net.fabricmc.loader.impl.FormattedException.ofLocalized(FormattedException.java:51)
at net.fabricmc.loader.impl.FabricLoaderImpl.load(FabricLoaderImpl.java:195)
at net.fabricmc.loader.impl.launch.knot.Knot.init(Knot.java:146)
at net.fabricmc.loader.impl.launch.knot.Knot.launch(Knot.java:68)
at net.fabricmc.loader.impl.launch.knot.KnotClient.main(KnotClient.java:23)

The iris version that you are using is 1.7.0-snapshot+mc1.20.4-6bad887-dirty which is not 1.7.0. If you want the game to launch, use dependency override as described in https://qouteall.fun/immptl/wiki/Miscellaneous.html#remove-the-sodium-iris-version-lock