If I right click to call the context menu I get a circular progress icon that spins for 10 seconds before the menu opens. This happens every time since I updated to version 12. I recently update laptop from a Surface Pro 7 to Pro 9 and it still happens. I am two clicks away from moving to a different file browser.
When was that?
Issues when right-clicking files are almost always caused by third-party shell extensions.
See here for how to track down the cause: