PowerPoint 365 opens very slowly, other Office apps are fine

I have Microsoft 365 Office suite installed in my Windows 11 PC.
Word and Excel works fine, but PowerPoint opens very slowly standalone (I directly clicked PowerPoint icon to launch it). It will be stuck at "Starting Microsoft PowerPoint... for a long time".
It takes 46 seconds to open, while other Office apps open instantaneously.

I have tried to do the following but nothing works.
Online Repair of Microsoft 365
Starting PowerPoint in safe mode (powerpnt /safe)
Set default printer to "Microsoft Print to PDF"
I only use Microsoft Defender as Antivirus

PowerPoint Version
Version 2512 (Build 19530.20184 Click-to-Run)
Current Channel

Windows 11 Version
25H2
26200.7623
Windows Feature Experience Pack 1000.26100.275.0

This issue appears to be fixed by installing KB5078127.