Through some brilliant detective work, EmmaPeel7259 discovered that MSFS is loading the “Phase One Image Decoder 2” DLL which causes the sim to crash.
Renaming the DLL here has so far resolved my CTD issue: C:\Program Files\Capture One\Capture One 20\WIC\WIC64\P1.WIC.NativeComWrapper.dll
Check out the thread here…
CTD caused by Capture One 20 codec - Bugs & Issues / CTDs - Microsoft Flight Simulator Forums
This might explain why many people have no issues whatsoever and Asobo didn’t catch this during testing - an extreme edge case no one would think to test. Perhaps there are other pieces of software causing this CTD for others.