How to fix: uninstall the KB4571756 update
https://www.bleepingcomputer.com/news/microsoft/windows-10-2004-kb4571756-breaks-windows-subsystem-for-linux-2/
The Windows 10 KB4571756 security update released yesterday is reportedly breaking Microsoft's Windows Subsystem for Linux 2 (WSL2) compatibility layer.
This issue prevents Windows 10 2004 users from launching the Windows Terminal with WSL2, with the app crashing and throwing "Element not found" and "Process exited with code 4294967295" errors.