Something has broken the PES shell extensions. Have you tried reinstalling the application? This the full version and not the trial, correct?
There are known issues with OneDrive and thumbnails and it sure looks like OneDrive is still enabled. So, try testing with a new local account and see if you get thumbnails there.
https://www.elevenforum.com/t/add-local-user-account-in-windows-11.590/