Got the latest 1.12.1 just a moment ago, but without the ucrtbased.dll file the issue did still occur.
I downloaded the ucrtbased.dll and placed it in the directory and problem was fixed - no more error popups. Program now loads fine instantly.
"Squished first time UI" didn't happen with 1.12.1, though I think it just remembered my settings from the previous version I ran (1.12).