This took me forever to solve so I'm posting here and a few other threads for anyone else who's having this issue, but cannot live without Python.
The issue seems to be installing a new version of Python on a system after Davinci Resolve is installed. The application seems to remember across installations which version of Python it originally was linked to, so it continues to try to access that, but something goes wrong with the environment variables so everything breaks, and you hang at the projects screen.
Another symptom is seeing this error below in your debug logs:
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Fatal Python error: init_fs_encoding: failed to get the Python codec of the filesystem encoding
Python runtime state: core initialized
ModuleNotFoundError: No module named 'encodings'
To fix the issue on Windows, go to your System Environment Variables and add a new System variable name: "PYTHONHOME". The Variable value should be the directory of the newest version of Python you have installed. Eg: C:\Python311\
This seems to fix the Python versioning/home directory issue Resolve has and allows the application to start correctly.