I am in the same situation, been trying to sort this since 10am starting to get to me now, i do this sort of thing all week don't want to do it at the weekend as well especially unpaid......
I can confirm your findings that login in with a different account seems to not have the issue, i created a new account with admin rights and logged in as that user and it did not have the problem, also safe mode is unaffected as well.
I am now in the process of copying my profile to another drive, I will then remove my profile from the machine and recreate it to see if this works.
should not have to do this, and i cannot believe that they have released an update that is so bad.
We have a laptop in the house that is unaffected by the update so it has got to be a program that it is unhappy with.