There might be something to what the poster in the German forum said about a startup problem with Wavelab 9.5, presumably in 12H2. (link below). I got the same thing twice today, just hanging on the startup window. Force quitting and restarting Wavelab worked. This seems new, probably with the latest 12H2 updates. Maybe too soon to tell, but possibly not a good sign for 9.5 and 12H2. Latest elicenser installed.
Wavelab 9.5 tot - Auf Deutsch / WaveLab - Steinberg Forums
On the other hand, if this was widespread I would think there would be more reports of it in the last few days. So I don’t know.