The airport's own website says be at security 2 hours in advance.
I gave up using this place in 2019, at that time the wait wasn't exceptional but the incompetence of the security staff was a disgrace and it was chaos. During covid a lot of staff got better jobs (how?) and the equally inept management never recruited ready for the restart of normal flying and don't seem to have recovered now. They instead profit from it by selling fast track and time slot priority lanes. Checked baggage isn't really the problem, it probaby has an easier time getting through!
The construction work is a problem but not an obvious one - until you get there. Terminal 1 was closed* a few months ago and most flights consolidated at Terminal 2, a few at T3. In terms of moving people and planes this works - it's what happens outside where you get problems. Most of the vehicle traffic that used to drop off at T1 now has to go to T2 - and the roadway access has not changed. The result, especially early morning is often a massive traffic jam trying to get in. Which is why a taxi is not a good idea!
Train departures from Piccadilly are at 04:54 (from the remote platform 13 and also calls earlier at Victoria at 04:42), then from the main train hall at 05:02 and 05:23. T2 is a few minutes walk from the airport station via a covered link bridge with moving walkway (which sometimes works).
There is also the first 103 bus of the day at 04:45 from Piccadilly Gardens (Stop N alongside the tram station), also Portland St (Stop CU), Princess St (Stop SM), Palace Theatre (Stop SY), Oxford Road rail station (Stop E) arriving Airport rail station at 05:36. Don't forget, arm out to stop the bus at pick ups!
*for others, T1 is closed operationally but a couple of airlines may ask you to check in there and then send you on a walk to T3,