So, the Context Menu has an option called Enable Non-Blocking Context Menu in Editor Preferences → General → Blueprint Editor Settings.
When that option is enabled, you will see the Context Menu loading with a loading bar. When its NOT enabled, it will freeze the editor and show nothing until the Context Menu is done loading.
That being said, it taking any time at all for me is not the norm. I had a massive project before and it took zero time for the Context Menu to load in UE4, and that’s not the case now in UE5. I’ve got plenty of free space on my SSD where UE is loaded.
Part of me did wonder if somehow the Context Menu is being loaded into the Page Cache instead of normal memory and that maybe somehow that’s part of the issue, but not sure. I still think given how few people its affecting compared to the overall community, it has to be a specific environment issue.