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#11
I also did a boot trace with ProcessMonitor and WinBootInfo, and though they can't give detail into what's causing the delay, they both show that there is a 4 minute delay at the start of boot.
On the WinBootInfo screenshot below, the total boot time is <25s, but the boot to session manager is 241s, or just over 4 minutes. And on the right it shows a 4 minute gap between the kernel starting to load and the first system driver loading.