[CRITICAL] v1.197.1: Game unplayable, crashes to desktop
After updating Space Engineers from 1.197 to 1.197.1, the game doesn't start properly anymore, and is completely unplayable. When launching the game from Steam, the splash screen is briefly displayed. After a little while, a black screen appears (sometimes the SE cursor also appears and is movable) indicating that the game is starting, but after a while, the application quits/crashes and the game fails to launch.
I have done all the debugging steps explained in the comments of this post, including deleting all game files and completely reinstalling the game, and checking for OS & driver updates and reinstalling VC Redist. Keep in mind that the game was working just fine before the update, so something is definitely broken with it.
Attached are game logs and event viewer logs indicating the application crash.
Edit: Event Viewer logs additional warnings when running the game, so included those in the SE_crash_eventvwr.txt file.