Windows 24H2 breaks /nolauncher argument in Steam?

Since updating Windows to 24H2, when I run GC4 through Steam with the /nolauncher argument Steam says GC4 is running, but the game never loads. I have to click Stop or force kill it. If I remove /nolauncher and try to run GC4 it loads the Stardock launcher as usual.

Since I really dislike launchers launching launchers I much prefer just getting right into the game.