Render Video freezes after upgrade to Photoshop 23.2

I am unable to perform File>Export>Render Video...  after upgrading to version 23.2.

I have tried all other versions from 22.5.6 thru 23.1.1 and they work fine.

I have tried using version 23.2 as an upgrade and as a clean install. Netiher method works.

Currently stuck with downgraded version 23.1.1 and afraid to try upgrade again.

My PC is running Windows 10 Pro version 20H2, OS Build 19042.1526.

I am pulling in an HD video (1920x1080) in MP4 format, overlaying with titles and borders, then exporting back to MP4. The video is usually about 1 minute in length.

After selecting menu item File>Export>Render Video..., the Render Video dialog box appears. Then I click the [Render] button and the "Progress: Exporting Video" pop-up appears, but the progress bar never moves and the program does not respond. The [Cancel] button doesn't work, so I have to use Task Manager to kill the program.

(On one or two occassions, after selecting menu item File>Export>Render Video..., there was a pop-up which said "Initializing Video" and the Render Video dialog never appeared, but the scenario outlined above was the most repeatable.)

I have tried multiple preset formats (HD 1080p 24, HD 1080p 29.97, etc.), but all have failed.

I have many saved projects (.PSD files) that work fine with older versions, but fail with 23.2.