I got Cubase 11 yesterday and could activate it successfully 
Wenn starting Cubase 11 the Audiodriver-Settings Dialog appears with 4 options: ASIO4ALL, Generic Low, Realtek ASIO and Yamaha Steinberg. But: this Dialog freezes/hangs! Cubase has to be closed with TaskMgr but this is not possible and so the PC has to be restarted. Cubase 10.5 starts without any problem (with Steinberg Yamaha driver). My system is Windows 10 Pro 64-bit with all Updates.
I’m experiencing the same problem, driving me crazy! Hopefully somebody comes up with a solution to this issue, will keep trying meanwhile…
System Windows 10 Pro x64 20h2, MOTU 828mk3, AMD Threadripper 3960x.
Likewise. I have uninstalled and reinstalled Cubase 11 Pro and still freezes. Help. 10.5 opens up just fine. Windows 10
Intel(R) Core™ i7-6700K CPU @ 4.00GHz 4.00 GHz
Windows 20H2
Build 19042.746
The last Cubase version that is working for me is Pro 10.5.
With v11 und v12 Cubase freezes when opening the “Select ASIO” dialog.
The problem occurs on my elder PC (Intel i5 8GB Win10) and also on my newest PC (Intel i9 32GB Win11).
The PC has to be rebooted cause the cubase process is hanging deep in the system somewhere in the sound driver (which is okay cause everything works but Cubase)
I have opened a ticket for this problem several times in the last 2 years but never got a response/solution which is inacceptable 
So: HELLO Steinberg… is somebody @home???