I just tried playing for the first time today. It freezes on any loading screen (as soon as you start the game, then when I hit start for a new game, when it loads the tutorial, etc.) as well as just randomly. It's currently unplayable for me but I can't figure out why.

Tried different storage devices and disabling overlays. My next guess is the latest (ironically for-Cuphead) Nvidia driver, but can't roll back just yet.

hello, I just joined in so I can comment on this:
the game crashes on the loading screen for me too, I've done some tests and I think it's a problem with directx 11 and some cards or cpus.
my card is a gt630. the game always crashes on windows 7 64 ultimate and I can't get to the map after you talk to the older kettle guy, during the loading screen the graphics get corrupted and I have to reset the computer. I tried several nvidia drivers versions, from 314.22 up to the latest and it always crashes.
I tried on the same machine on XP sp3 and IT WORKS PERFECTLY!!.
I tried on the same machine on Vista and IT WORKS PERFECTLY TOO!!.
I tried on the same machine on 8.1 and 10 and IT CRASHES THE SAME AS WITH 7!!.
I tried on another machine with a gt9600 that supports directx 10 but doesn't support directx 11 features and THE GAME WORKED!, so my conclussion is THERE'S A PROBLEM WITH DIRECTX 11!!!.
the game runs fine on directx 9 and 10 on the same machine it crashes on directx 11!!.
I hope they fix it with a patch, and I wonder why it's not a big thing, like, why isn't there more people complaining of problems with gt630/windows 7/directx 11.
oh, by the way, other games work perfectly on the same machine, it's just this one.

Hello, it's me again (from the previous comment, I couldn't log in with that same account...).
I found out that the game uses unity so it accepts the command line -force-d3d9 and it makes it work perfectly on every system!!!!!!. it no longer crashes my machine on windows 7 because it no longer uses direct3d 11.
forcing it to use direct3d 9 makes the game run perfectly without crashes!!!!!!.

just create a new shortcut and the command should be like this
"C:\GOG Games\Cuphead\Cuphead.exe" -force-d3d9

I struggled to start the game as it kept crashing on loading, but I just tried changing the compatibility level to Windows 8 and now it is working for me.

Changing the compatibility level on Windows 10 might be the easiest option first before trying other options that are more involved.