What happens if you run victoria3.exe directly from file explorer?
Make sure none of these files are set to run as the Windows Admin user:
steam.exe
victoria3.exe (in the Steam CK3/binaries folder)
dowser.exe (in the Steam CK3/launcher folder)
C:/users/{username}/AppData/Local/Programs/Paradox Interactive/launcher-v2.2025.1/paradox launcher.exe
C:/users/{username}/AppData/Local/Programs/Paradox Interactive/bootstrapper-v2.exe