Btw it's not about Secure Boot.
Must be hardware drivers then, main difference from a VM.
If you integrate some drivers, try without them.
Oh it was way worse than that...
Issue: Windows 25H2 Setup hangs with an endless "Please Wait" screen on the ASUS Prime Z790-A motherboard.
Root Cause: A conflict between the new generic Intel I226-V ethernet driver embedded in the 25H2 media and the motherboard's network adapter initialization, triggers background network polling introduced in the updated Windows 25H2 OOBE layer
Resolution: Disabling the LAN Controller in the UEFI BIOS removes the device from the initial Windows hardware scan, preventing the faulty driver from loading and allowing Setup to safely proceed offline
Took me about 10m hours to figure this out...
S