I'm not so sure, I've had a similar-ish issue on a W10 PC. I vaguely suspect a race condition on one of the drivers; I've specifically got my eye on the esp32 flashing drivers.

Sometimes it boots fine, sometimes the spinning dial disappears and it gets hung on the black screen, sometimes it hangs during the spinning dial and freezes, and very occasionally blue screens with a DPC watchdog violation. Oddly, it can happen during Safe Mode boots as well.

I would think hardware, but RAM has been replaced and all is well once it boots up. I can redline the CPU and GPU at the same time with no issues.