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The simulator freezes while loading when the progress bar reaches 70-100%.
If I disconnect my PC from the network, the simulator loads. Then I can connect to the network, and the multiplayer and marketplace appear.
Move about 50% of your aircraft liveries into the new Community folder and launch MSFS a few times to see if the issue shows up. If everything is fine, move the remaining 50% of the liveries and test again. I’d start with liveries specifically, as they’re often the culprit.
Launch MSFS, go to Settings > General > Graphics, change DX11 to DX12, apply and save, and exit MSFS. Then enable DLSS Override, select the Latest profile, apply the changes and launch MSFS.