The fact it starts only right after install makes me think they've changed something with how the application detects itself as running as a single instance and talks with itself (I'm clueless about whether it is related to lockfile, mutex, pipes or other windows API). I remember trying the beta around black friday 2024 and it worked back then.
I've messed a bit with the app today, and I think I've found a workaround. If you set yourself as not having accepted the latest terms, it prompts you and just opens:
export WINEPREFIX=/path/to/your/prefix
# patch broken singleton check
sed -i "s^\"acceptedTermsVersion\"=dword:00000003^\"acceptedTermsVersion\"=dword:00000000^" "$WINEPREFIX"/user.reg
wine c:/users/YOUR_USER/AppData/Local/vghd/bin/vghd.exe
I still would recommend sticking to the old version. That's as far as I've got with v2.0.0