pwsh.exe -NoProfile takes minutes to load after .NET update

Prerequisites

• Write a descriptive title.
• Make sure you are able to repro it on the latest released version
• Search the existing issues.
• Refer to the FAQ.
• Refer to Differences between Windows PowerShell 5.1 and PowerShell.

Steps to reproduce

I installed these updates yesterday:

Since then, PowerShell 7.4.2 takes about three minutes to load, even when I use pwsh.exe -NoProfile. Since there's no difference in behavior with or without loading the profile, here's an example when I do load with a profile so you can see the load time.

PowerShell 7.4.2
Loading personal and system profiles took 180574ms.

Even after loading, everything is glacially slow. For example:

PS C:\Users\Chad> Measure-Command { Get-Date }

Days              : 0
Hours             : 0
Minutes           : 0
Seconds           : 10
Milliseconds      : 11
Ticks             : 100117544
TotalDays         : 0.000115876787037037
TotalHours        : 0.00278104288888889
TotalMinutes      : 0.166862573333333
TotalSeconds      : 10.0117544
TotalMilliseconds : 10011.7544

Things I've tried:

• pwsh.exe -NoProfile
• pwsh.exe -NoProfile -NonInteractive
• POWERSHELL_TELEMETRY_OPTOUT = 1 and POWERSHELL_UPDATECHECK = Off
• Verified that Controlled Folder Access is set to Not configured (Issue https://github.com/PowerShell/PowerShell/issues/21546 has similar symptoms)
• Reinstalled 7.4.2

Expected behavior

Acceptable performance

Actual behavior

As described above

Error details

No response

Environment data

Name                           Value
----                           -----
PSVersion                      7.4.2
PSEdition                      Core
GitCommitId                    7.4.2
OS                             Microsoft Windows 10.0.22631
Platform                       Win32NT
PSCompatibleVersions           {1.0, 2.0, 3.0, 4.0…}
PSRemotingProtocolVersion      2.3
SerializationVersion           1.1.0.1
WSManStackVersion              3.0

Visuals

No response

Reproduce the slowdown with pwsh.exe -NoProfile and Measure-Command { Get-Date } on the reported PowerShell 7.4.2 Windows environment, then compare startup with and without profiles. Review the symptoms and related issue #21546; done means startup and basic commands return to acceptable performance and the regression is covered by an appropriate test or diagnosis.