Stuck on reading preferences

I am experiencing a critical issue with Lightroom Classic CC on my PC (Windows 11, 64-bit). Lightroom Classic does not start and gets permanently stuck on the splash screen at the stage Reading Preferences.

I have already tried all standard troubleshooting steps, including:

• Restarting the PC 

• Uninstalling and reinstalling Lightroom Classic CC

• Manually deleting the Lightroom preferences folders

Unfortunately, the issue persists every single time, and Lightroom never finishes launching.

This makes the software completely unusable, and I am unable to work on my photos.

How can I solve it?