<<I tried reverting back to PP 2024 and the same issue occurs, so this is definitely something Adobe has rolled out on top of the software updates recently.>>
I'm confused at your conclusion above. Two version of the software don't work, and you think it's the software? That would more to me indicate it's the hardware. Same machine for both.
<<July 2025, Brand new machine with clean install of Premiere:>>
Has PP ever worked on that machine?
So, it's just new this month? (it's only the 4th). Can you reinstall Windows, doing a clean install? I'm sorry if I didn't see it, but which version of Windows are you running?
I'm running a clean install of Windows 24H2, just a month ago, and PP 25.3 and beta 25.4 b72 is working very well.
12th gen, 12900k, 64gb, everything on M.2 drives, rtx-4070
If you can clean install Windows, then just Creative Cloud and PP, and see how that goes.
And no utitilities, like fan control, especially NO head-up software, I only install the two drivers (video and audio) from a 'clean' install of nvidia studio driver, NO geforce or physx, etc.
As stock as you can get it, and see if PP runs, if so, then add your stuff back in and keep testing it.
BTW: @Rach McIntire is from Adobe.
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