This is also happening for both 4.9 and 5.0 on Windows 10 version 22H2 on a Precision 5540 that just installed the latest Dell Firmware update.

Same here. I'm using a Dell Precision 7520 with W10 22H2. I tried Sell Command Update 4.9 5.0 5.2. Even the newest version 5.3 have got the same problem. I even tried downgrading or disabling the antivirus scanner. It seems that only my notebook in our company is affected. Other notebooks, even other Precision 7520s, do not have this effect. Even importing the settings from working devices did not help to solve this problem.

So you're not alone =')

Anyone come up with a solution yet? Currently on the latest 5.4 and still does the same thing. This is beyond frustrating. 

Still having this issue, very annoying.....anyone found a solution yet? 

I've recently been able to fix this (I've had this issue since July 2023).

I first uninstalled Dell Command Update, then I manually deleted every registry entry I could find that had CommandUpdate in its key or value (used regedit.msc on Windows 10). After that, I installed the latest version of Command Update and it successfully worked / updated my laptop.