Nordic Toolchain Manager initializing environment forever

Question

I am trying to setup nRF Connect SDK using Visual Studio Code on a laptop with a new, clean windows copy on it.

However, every time I try to install the SDK, it hangs on the stage, "initializing environment", forever. Attempting to restart the toolchain brings me back to the install screen despite it already having the SDK installed (preventing me from following the tutorial, where there should be an 'Open VS Code' button).

Is there a step I'm missing?
(I can't seem to find many other people with this issue.)

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Using Nordic Toolchain Manager v0.10.3 installed via nRF Connect for Desktop v3.11.0, on Windows. Trying to download nRF Connect SDK version 1.9.1. Also tried with 1.9.0 but this failed as well.

Here's the step where it waits forever. It is the same issue even if it's v1.9.1.

Here's the directory. You can see the versions are saved, but the Toolchain Manager continues to hang on the final step which prevents me from continuing down the tutorial.

Closing or stopping the installation causes it to stop the whole process, and only lets me install again, rather than showing the "Open in VS Code" button.