I’m running a very similar configuration and get about the same initial load time from the ‘press any key’ page. Honestly, that whole process can be removed IMHO - once I open the application I want to be right at the home page while loading is done in the background during the whole intro credits/partners page (can’t remove that bit on MSFT Store unfortunately).
It very much depends now on how many addons you have in your Community folder. Temporarily remove your Community folder and see how much quicker it loads vs having the Community folder in place. The long load time of the sim seems to be regarding the Community folder. My Official Folder is 100GB and loads within 2 minutes max (on NVMe.M2) but add my Community folder of 80GB and it can take over 5-7 minutes or longer to get to the Welcome page.
Navigraph only here and it takes roughly 1 minute to load from “press any key”.
“Checking for updates” takes 10 to 20 seconds and Task Manager shows that my computer is sitting idle, so it’s really a big waste of time. I don’t recall taking this long to check for updates before patch 2, is this the case for you guys too?