Same here.
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No problem but the strange thing is that opening the simulator as an administrator appears the download setting, but I have already updated the simulator
I remember something about admin privileges. Otherwise a firewall popup would show every time I launch MSFS.
There are guides how it had to be set for the FlightSimulator.exe, after that you don’t have to confirm that window every time.
Here on 21H1 & MS Store version… still no Splash Screen 
It is just matter of priority. I personally rather see other functionalities done within the sim than a splash screen.
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I can confirm that a reboot after installing the “Cumulative Update Preview for .NET Framework 3.5 and 4.8 for Windows 10 (KB5003254)” gave me the splash screen. It didn’t appear with the update installed, pending a reboot, only after the reboot.
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Yup Got it now 
It doesn’t come up when you use -fastlaunch, nor should it.
I also have zero criticism of the loading process. It is a tad slow and required me to look up -fastlaunch but I can let it load completely the background, that part works a charm.
I’ve seen others get it. But I haven’t gotten that yet. Even though I have the new update
Yes and I don’t like the phrase “loading the game”
“loading the sim” would be more appropriate.
Whenever the devs refer to it as a game on Q&As (which is most of the time), all I picture is a bunch of people looking like this…
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LOL… true…
Nope not here 
Just a reminder MSFS is an MMO, that is all 
are you running a steam version ? it looks pretty chic. but must be brought to full screen.
Yes, I get that screen as well. I used to run the SIM as an Administrator but now I get errors when I try that. So now I double click the icon & see this screen. I have the MS Store version.
But it’s a game. 
Not seeing any splash screen here, MS Store version
Update: as suggested above, after installing the .NET update and reboot now a splash screen is coming up. Finally! Now please work on speeding up the loading process.