This is my error code: 95BD67FD-368A-4542-BCE4-DC9ED5AE3428
This is a fresh Windows 11 installation. Drivers have been updated.
I think I solved it by installing Windows 11 media feature pack. I was also seeing video playback issues in Firefox, and fixed that by installing the media feature pack (needed for Windows Pro N).
So maybe the cinematic on first launch was blocked by the same thing.
If anyone else sees this issue, apparently OneDrive can also interfere with game Settings by trying to sync your Documents. But I still saw launch failures after turning OneDrive off.