I wanted to post an update that I was finally able to fix my issue!
By scanning through my Windows Event Viewer I was able to locate where MSFS made a call out to the Open Composite OpenXR dll and got an error result, halting the game and dropping it to the desktop. This OpenXR file is a replacement dll for SteamVR. Even though I do not use VR on this new system (at least not yet), I do use it on my other gaming system and it looks like when I set up Steam on this new PC it copied my old preferences to use this dll over the native SteamVR dll's. OpenComposite and OpenXR is used in a lot of VR systems as it offers (usually) much better performance in SteamVR titles like DCS and MSFS 2020.
I installed and loaded the OpenComposite and Open XR toolkits and made sure that OpenXR was disabled and removed from this system and after I did that MSFS 2020 launched properly.
This obviously won't be a solution to all the issues reported in this thread but it should be a reminder to open up and look through the Event Viewer. For me, I was able to find the offending entry under Windows Logs>Application. Look for any red exclamation points with the "Error" label and see what it says.
Good luck and now back to some flying on my new rig!