Thank you for the detailed reply, @i_mazlov!
I was unable to determine the root cause of the issue, however I was able to work around it by preloading direct dependencies with a FileExecute call and using the SearchPath Windows function to locate the runtime dependency DLLs and pass the absolute paths to LoadLibrary (I'm aware this is not recommended, but should be fine for this internally used plugin).
I couldn't find anything in the newly added Maxon options that appeared to affect the loading behavior. My only remaining theory is that the new licensing process is indirectly triggering this behavior:
LoadLibrary function returns STATUS_DLL_NOT_FOUND error on impersonate thread in Windows
https://learn.microsoft.com/en-us/troubleshoot/windows-client/setup-upgrade-and-drivers/loadlibrary-function-returns-status-dll-not-found-error-impersonate-thread
Thanks again!
Nick