Still unable to launch the game even after 1.1.1 patch

After downloading the 1.1 patch and launching the game, the shaders would compile to about 40-45% before the game would crash with the UE5 error splash screen. I tried a full reinstall, deleting all shader caches and doing all of the recommended fixes listed in the reddit post to no avail.

Patch 1.1.1 makes it so that the shader compilation no longer crashes, but rather it just stays at about 10% completion and hammers my GPU to 400w while my cpu sits basically idle and RAM usage slowly climbs.

I left it like this for about 30 minutes and the progress bar never went beyond 10%, it ate 13Gb of my 32Gb of RAM.

I'm running a 5800X3D + 7900XT, my system is rock stable otherwise but whatever they have done here with these patches has completely borked my ability to play the game.