@Jason Carr I was typing up some 9.4 info when I saw you released 9.5! I downloaded 9.5 and installed into same directory, but the same thing happened again (initializing screen disappeared after update). I tried launching launchbox.exe again and it opened, but gave an error. The error says it was reported to development team but I saved it if you need it. I waited a few more minutes to let things get synced in google drive folder and ran launchbox.exe again and it worked! I tried a few more times to make sure and it is still working. I'm not sure if anyone will run into this same thing, but it seems like just giving it time after the update initially failed worked for me.
Thanks for the quick fix and let me know if you need anything else from me!