The culprit is KB5010414. When I uninstalled it the problem was gone. Just to be sure I reinstalled the update and had the problem again and uninstalling it again made the PC work again.
Having played a lot with this have made me believe the problem is some of the new features for Task Bar. During the high CPU time(20% for explorer.exe) Task Bard does not work at all. I am able to alt-tab between the programs already running and programs are working ok. Just the Task Bar and desktop are unusable.
At the mmoent I am using my PC with KB5020414 uninstalled.