Same problem here: Win 7 x64, update from Cubase Pro 9 to 9.5, crashes at startup. I already tried what was mentioned in this thread.

I have the same problem. It is it not caused by the graphic system as sometimes stated but has to do with vssttransit.dll.
A workaround to get it running is to delete vssttransit.dll and vsttransitcore.dll from folder C -> Windows -> Programme -> Common Files -> Steinberg > Shared Components.
But VST cannot be used then! It would create an error and system crash.
Steinberg is working to find the causes of the problem.

Window 10 here, and the same problem…

Does anyone find a permanent solution on this issue? The suggested solution by Steinberg did not solve the issue unfortunately.
The problem continues to Cubase 10 also.