Hi,
Same problem here. Just sits at 39%. No raytracing, scalable, no starter content. If I open an earlier version, it creates in less than a minute. So I tried creating it in an older version and then opening it in 4.25.3 - stuck at 39%.
So I had to go to defaultengine.ini and just rename it to “.defaultengine.ini” and bam, it opened right up.