I upgraded to expo 34.0.3 and related dependencies as below
"dependencies": {
    "@expo/samples": "3.0.3",
    "@expo/vector-icons": "^10.0.3",
    "add": "^2.0.6",
    "expo": "^34.0.3",
    "expo-asset": "^5.0.1",
    "expo-font": "~6.0.1",
    "moment": "^2.24.0",
    "react": "16.8.3",
    "react-native": "https://github.com/expo/react-native/archive/sdk-34.0.0.tar.gz",
    "react-native-gesture-handler": "^1.3.0",
    "react-native-modal": "^11.3.1",
    "react-native-modal-datetime-picker": "^7.5.0",
    "react-native-snackbar-component": "^1.1.0",
    "react-navigation": "^3.11.1",
    "react-redux": "^7.1.0",
    "redux": "^4.0.4",
    "redux-persist": "^5.10.0"
  },
My App.js is presumably correctly preloading the fonts like so
  import * as Font from 'expo-font';
  import * as Icon from '@expo/vector-icons';
   .........
  _loadResourcesAsync = async () => {
    return Promise.all([
      Font.loadAsync({
        ...Icon.Ionicons.font,
        ...Icon.MaterialCommunityIcons.font,
      }),
    ]);
  };
Now just to be clear, this code was working just fine before the expo upgrade. This issue is seen on both Android and iOS devices.

I have fixed the issue by using the following command in terminal
rm -rf ./node_modules/expo/node_modules/expo-font/
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