I was also having this issue but hotfix 2 solved it for me.

So the problem for me was that launching the game produced a crash. This was using the shortcut. It points to the x64 exe. So I tried the exe directly, same result. So I posted on the official forums, and found out the game will crash if not run with the shortcut. It is apparently required. So, to show them, I re-ran the shortcut. Now the game runs. I have no idea why. It just does.

Try launching from the shortcut again. I have no idea why it didn't work for me...the first few times. But it does now.

Another thing you could try as well

in C:\Users"user name"\Documents\My Games\Grim Dawn\Settings options.txt try set
UPnPEnable = false

Not sure if it will help in finding what goes wrong, but I do not use any kind of Windows shortcut to run the game here.