It depends on how many shell extensions you have installed. How something so basic can drag a supercomputer to its knees is puzzling but MS never fails to deliver.
(e) added the bit about the loading text.
As the other comment here notes, shell extensions have been around for a long time, and have never been a problem on older versions of Windows running on hardware that's much slower than what's available today.
The problem is a lot of the times they make poor assumptions (like "if a process is running it'll respond instantly") and honestly the tools that exist for determining what is at fault are... well effectively nonexistent[1]. This goes even for 1st party shell extensions. Part of the problem is these almost inherently violate what I consider one of the golden rules of GUI programming (don't block the UI thread) and there's a lot of historical reason for this, but it is often the cause of stuff like "explorer.exe uses 100% CPU" or "right-click takes 30 seconds"
[1]: There's a SuperUser post in which the recommendation is effectively: manually binary search for culprit shell extensions yourself (https://superuser.com/a/577935/312312).