Launch screen progress bar is stuck on "Initialize Asset Database" when opening a project with different Editor version

How to reproduce:
1. Create and open a new project
2. Wait for the project to load
3. Close the project
4. In the Hub, change the project’s version
5. Click “Open with XXXX.X.XXX” > “Change version” > “Continue”
6. Observe the Launch Screen progress bar

Expected result: Progress is updated, showing current task
Actual result: Progress is not updated, showing “Initialize Asset Database”

Reproducible with: 6000.1.2f1, 6000.1.8f1, 6000.2.0b2, 6000.2.0b6
Not reproducible with: 2022.3.63f1, 6000.0.51f1, 6000.1.1f1, 6000.2.0b1

Reproducible on: Windows 11
Not reproducible on: No other environments tested