Just an update from me. I was "lucky" (if you could use the term) in that this error was occurring 100% of the time whenever I would shut down or re-start the computer. Not even 99% of the time - 100% of the time. After systematically removing all updates that I was allowed to remove, there was no change (though there are a still a lot of updates remaining that I cannot remove).
I then began systematically removing hardware. The error persisted until I removed the USB wireless dongle for my Logitech F710 wireless game controller which Windows identifies as an XBox 360 wireless controller. I then re-tested and verified this scenario, re-starting about 30 times each with and without the dongle and the result was consistent.
So although n my case I appear to have found the culprit (so the same as others earlier in the thread - Xbox related), it does not provide an actual solution apart from not using the hardware of course.
Strange thing is that I was using this precise mainboard, memory, F710 controller, optical drive, power supply up until yesterday under a previous Windows 11 install without any problem. This new build replaced the CPU and graphics card, however both flawlessly survived their torture testing for 12 hours before I began installing anything (I never believed this was a pure hardware fault anyway). It is almost as if one of the updates relating to the new CPU or GPU are having some unintended side effect - there are a number of AMD related updates there.
The hardware that did not present this issue was an Nvidia RTX3070 with a Ryzen 2700X CPU. The hardware with the XBox 360 problem is an Nvidia 4080 Super and Ryzen 5700X. Not that this may have anything to do with it - that is what was changed with the new install.