I am still having the exact same problem, even after installing the two updates released today (KB4565503 & KB4566785).
I don't have much to add other than the following:
The server that the redirected folders reside on is rather old, running Windows Server 2003.
Also, on the offending computers, I notice a NETLOGON error in the event viewer. Details are:
Event ID 5719
This computer was not able to set up a secure session with a domain controller in domain XXXXXXX due to the following:
We can't sign you in with this credential because your domain isn't available. Make sure your device is connected to your organization's network and try again. If you previously signed in on this device with another credential, you can sign in with that credential.
This may lead to authentication problems. Make sure that this computer is connected to the network. If the problem persists, please contact your domain administrator.
ADDITIONAL INFO
If this computer is a domain controller for the specified domain, it sets up the secure session to the primary domain controller emulator in the specified domain. Otherwise, this computer sets up the secure session to any domain controller in the specified domain.
I have no idea if these are related or not, but it seems like too much of a coincidence. The domain controllers are up and available, and applications that use AD authentication work just fine, however offline files remain disconnected, and network shares are disconnected as well. However, using an IP address in the UNC will allow them to authenticate and connect.
Computers still running build 1909 are completely unaffected, and rolling back to 1909 fixes the problem, as stated before. Luckily I have a few computers I don't desperately need to roll back that I can play with at least up until the rollback window expires (I bumped it out to 30 days), if anyone has any ideas.